A look ahead …
- CMHC is projecting a 3.5 million home shortage by 2030, with over 1.4 million of those in Ontario alone. This shortage is on top of historical new housing construction, so if economic factors (depression) slow construction, or immigration increases (war/disaster), the situation will worsen.
- The governments talk about addressing the issue by increasing the National Housing Strategy budget, or various Housing Action Plans, but this only helps established developers create more unaffordable housing. What is needed are new forms of housing that are affordable, but unfortunately these do not typically meet the criteria for government funding.
- While this outlook is bleak, we want to offer a glimmer of hope, but it needs everyone deciding to make a difference. Whether it is because you want a home you can afford to rent or buy, or you want an affordable home for your young-adult children, or you want something you can afford to retire/downsize into, or you want to slow the growth of the unhoused in your community, or you want to help someone reintegrate into society, consider support our tiny home community initiatives.
- Our homes are in addition to traditional housing construction, so every one directly addresses the housing crisis. Not only do they provide affordable community housing for singles, couples, and single parents with young child, by right-sizing seniors through downsizing, it increases the supply of homes for larger family units, effectively addressing all housing needs.
Canada is underestimating the number of new homes needed — by a lot, says CIBC
Published Feb 07, 2024 – Financial Post
Canada needs to build five million extra units by 2030 on top of annual construction, said Benjamin Tal, deputy-chief economist with CIBC World Markets in a report on Feb. 6. That’s well above widely circulated estimates of 3.5 million additional homes needed by the end of the decade.