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Oct 10, 2024

Housing affordability crisis grips Canada

A recent Abacus Data poll has revealed that housing affordability is a pressing issue for Canadians, with 64% believing homeownership carries significant financial risk. Furthermore, 81% feel the dream of owning a home is fading. The imbalance between supply and demand is evident, with the Parliamentary Budget Office estimating a need for 1.3 million additional housing units by 2030.

 

The surge in population—over 1.2 million people between January 2023 and 2024—has exacerbated this crisis. Alan Dillabough, vice-president of development at Equiton, highlighted that construction shortages and slow approval processes hinder new developments.

 

While the 2024 federal budget proposes 3.9 million new homes by 2031, industry leaders stressed that timely approvals and reduced development costs are crucial.

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