A total of 1,307 new homes have been added to the market since 2021
Officials at the Region of Waterloo said that the market is “more than on track” to reach its building target of 2,500 new affordable homes by 2026.
In its commemoration of National Housing Day on November 22, the officials said that the region’s initial construction goal was set in 2021. Since then, a total of 1,307 new homes were added to the market.
A further 1,043 units are in development, bringing the combined volume to 2,350 new homes that will be completed before 2026.
“The Region and its partners are prioritizing more affordable housing options,” said Regional Chair Karen Redman. “We are working to make housing affordable for all because communities thrive when everyone has a place to call home.”
Canada Mortgage and Housing Corporation (CMHC) has revised its estimate for new home construction by 2030, projecting 18.2 million housing units, down from the previous estimate of 18.6 million.
— Canadian Mortgage Professional Magazine (@CMPmagazine) September 18, 2023
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Starts still have plenty of room to grow, says analyst
While the pace of home construction across Canada has recovered slightly in October, it still has a lot of room for improvement, according to Mike Moffatt, senior director of policy and innovation at the Smart Prosperity Institute.
Canada Mortgage and Housing Corporation (CMHC) recently reported that the pace of housing starts ticked up by 1% on a monthly basis to reach a seasonally adjusted annual rate of 274,681 units in October.
“Overall, I think [the latest] data is a good news story, but we need to keep in mind that the CMHC tells us we need to build over 5 million homes in nine years to restore affordability,” Moffatt said. “So moving in the right direction, that's a good thing. But we’re not going nearly far enough.”
