Brews & Burgers: Harvey's To Go | SaltWire #harveys #burger #beer #foodbloggerOTTAWA - Canada plans to build nearly 3.9 million houses by 2031 under a new federal initiative, Prime Minister Justin Trudeau said on Friday, as the country grapples with a gulf between demand and supply of accommodation.
Polls show that soaring housing and rental prices are one of the reasons Trudeau's Liberals are lagging their Conservative rivals ahead of an election that must be held by October 2025. The plan calls for 3.87 million new homes by 2031, two million more than the 1.87 million the CMHC has already forecast will be built by 2031.Canada's shortage of housing supply is largely due to a rapidly increasing immigrant population which has far outpaced the number of available homes. Stubbornly high shelter inflation and high interest rates have also driven up costs.
Mike Moffatt of the Task Force for Housing and Climate, an independent think tank, said Ottawa would need to attract close to C$2 trillion to achieve the target.