How Why Didn't Canada's Housing Market Go Bust? can Save  eXp Realty® , Stress, and Money.

The population of the Greater Golden Horseshoe area, which extends around Toronto and the western end of Lake Ontario, is estimated to have grown by 780,000 people in the five-year period between the 2nd half of 2016 and the very first half of 2021, according to an analysis by Hemson Consulting.

Story continues listed below ad But in the same five-year period between 2016 and 2021, the area most likely added only around 270,000 new houses, a modest boost from around 214,000 houses added in the previous 5 years, estimates Russell Mathew, partner at Hemson Consulting, which crunches the numbers for Ontario's Minister of Municipal Affairs and Real Estate.

Housing need is linked not simply to the number of individuals who need a roof over their heads however also to the number of those reaching the prime family-formation and home-buying phase. The largest variety of millennials in Canada is turning 30 in 2021, Mathew notes."So what are they doing as they turn 30? Well, this is where they're beginning to match up, thinking of having kids and, you understand, perhaps buying a house in the residential areas," he says.

It's Time for Canada's Leaders to Look at Housing Policy Fundamentals Explained

The national rental vacancy rate in 2020 was a mere 3. 2 per cent and as low as 2 per cent in 2019, according to the Canada Home Mortgage and Housing Corporation. Some blame the rental shortage on lease control policies that, they say, make it less profitable for corporations to build new rentals and dissuade property managers from costs on repair work and upgrades.

Canada Housing Sales Extend Declines in July - WSJ

For the very first number of years after the 2nd World War, all city areas designated for the building of high-density real estate tended to be, by default, booked for rentals, David Hulchanski, teacher of housing and neighborhood development at the University of Toronto, has previously informed Global News. But with provincial policies introducing the condo kind of homeownership in the early 1970s, condos ended up being competition for function rental housing in those very same high-density areas, Hulchanski said.

Canada's housing market faces a looming demographic bubble - CBC News

Story continues below ad Also, whether young Canadians are purchasing or leasing, another aspect of the real estate shortage is the shortage of housing options fit for families. Some argue that Canada is not just not developing sufficient homes however not constructing enough of the right kind of houses. This is the so-called "missing out on middle" issue.