Canada needs 5.8 million new homes by 2030 to tackle affordability crisis, CMHC warns

The agency released a report Thursday explaining the need for a different approach to the housing supply shortage at a time of rising demand and affordability concerns. Around 2003 and 2004, an average household would have had to devote close to 40 per cent of their income to buy an average house in Ontario, and close to 45 per cent in British Columbia. As of 2021, that number is close to 60 per cent.

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