But Canada will still have a shortfall of 658,000 units
Canada would require a total of 2.3 million housing completions by the end of this decade to close the housing gap, the watchdog estimates. That translates into 390,000 total units completed annually, on average, over the next five years. Last year, housing starts dipped to about 224,000 units.
The office, however, noted there’s “significant risk” to the projection in the government’s plan, particularly the estimated outflows. “The plan assumes that 2.8 million temporary residents will leave the country over the next three years,” equivalent to 93 per cent of the group’s current population.
Immigration Minister Marc Miller said earlier this week that the government is focused on making sure “the people that don’t want to leave after due process actually do leave.” Miller cited record increases in the number of migrants removed from Canada this year as evidence that “enforcement is happening.”
The government has set a goal to more than double the pace of construction to add 3.9 million homes by 2031 as it tries to calm housing angst and reverse waning popularity. But pro-immigrant groups have warned that the migration curb could lead to shortages of skilled labor in sectors including construction.
—With assistance from Thomas Seal.