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Canada needs to build 1.3M additional homes by 2030 to close housing gap, says PBO
(www.thecanadianpressnews.ca)
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this post was submitted on 11 Apr 2024
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Every year, we are going to see a similar study and, every year, the numbers will get bigger.
For the 500 thousand new Canadians each year, we have been building 200 thousand homes.
3 years from now, we will be another million homes behind.
Try 1.3M a year. That's been the pace.
Should you guys clamp down on your immigration policy until you get the housing situation under control?
That is certainly what the housing math suggests.
However, there is another formula as well. There are more Canadians retiring than there are being added to the workforce and Canada has free healthcare and a fairly generous government pension. Every year, the ratio of employed taxpayers to retirees gets worse.
So what is Canada doing about the demographic problem? Ramping up immigration.
So what happens if Canada cuts the rate of immigration? Higher taxes and / or more government debt.
What problem does increased immigration cause? Unaffordable housing.
In terms of politics, old people are not going to vote for fewer government services and home owners are not going to vote to lower property values. Each group is more than 50% of the population. Canada is a democracy.
No easy answers.