Canada’s Ambitious Plan: 4.69 Million New Homes by 2036

Canada needs up to 4.7 million new homes over the next decade to restore pre-pandemic affordability by 2036, requiring 417,000 to 469,000 new units annually. Current construction is about half this pace, risking further shortages as demand grows. Affordability gains are threatened by slowing homebuilding, high costs, and cautious developers. Regional gaps vary, with improvements in Toronto and Calgary but worsening in Montreal and Ottawa.