The organization’s Housing Inventory Report report, based on Canadian Real Estate Association data and insights from the Re/Max network, examined active listings in July from 2013 to 2022 in eight Canadian centres and found inventory levels have fallen short of the 10-year average in seven of them in 2022.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
“If we don’t move now to build more housing in the current lull, it’s expected that this same scenario will continue to resurface over and over again,” Alexander said in the report.Canada experienced double-digit population growth between 2006 and 2021, a trend that is expected to continue given Ottawa’s commitment to welcome 1.2 million newcomers into the country between 2021 and 2023 as part of an immigration strategy aimed at propelling economic growth and reducing labour shortages.
“During this window of softer demand, building efforts should be ramped up, not down. The offshoot effect is straining rental markets and contributing to ever-rising levels of homelessness throughout the country,” Alexander said.
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