Surging home prices driving exodus from Canada’s ‘priciest provinces’

The job vacancy rate in construction is at a record high with around 80,000Those vacancies, which push up building costs and impede productivity, come at a time when the residential construction industry is under pressure to meet the demands of a growing population.

A spokesperson for newly-appointed Immigration Minister Marc Miller has said fulfilling Canada’s labour shortages is one of his key priorities, and a key goal of the government’s immigration targets.“Strategies like Express Entry, and the historic Immigration Levels Plan, which is largely made up of economic migrants, are a great asset to our nation as they will directly help combat the ongoing labour shortage.

The spokesperson added, “With provinces like Ontario needing 100,000 workers to meet their housing demands, it is clear that immigration will play a strong role in creating more homes for Canadians.” The federal government increased its immigration targets in November 2022, and Miller has suggested those targets may need to keep rising.Canada Mortgage and Housing Corp. forecasts a need for 3.5 million more homes by 2030 than the country is currently on track to build.Story continues below advertisement

The number of new homes built, however, has been in decline, from just over 271,000 in 2021 to 260,000 in 2022. And in May this year, the annual pace of housing starts dropped 23 per cent month over month, leading the CMHC’s chief economist to predict that just 210,000 to 220,000 new homes will be built by the end of the year.

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