Federal housing minister Ahmed Hussen has urged Canada to urgently increase its housing supply due to its fast-growing population and low housing supply of all types. Home builders and analysts have requested the government provide tax cuts and a reduction in mandatory charges on new home construction to bolster supply, given a Canada Mortgage and Housing Corporation report estimating that there will be a shortage of more than 3.5 million new homes by 2030 at current rates of building. The private sector is responsible for 95% of housing construction, and governments can help address the shortfall by ensuring regulatory processes are efficient.
Canada needs more housing, industry wants lower taxes and fees.
