Canada’s Housing Target Falls 1.5 Million Units Short, CIBC Says

The Canadian government is underestimating the number of new homes needed to address a spiraling affordability crisis by about 1.5 million units, according to Canadian Imperial Bank of Commerce research.

While Canada’s national housing agency says the country needs to add 3.5 million extra units by 2030 to make shelter affordable, the true number is actually about 5 million additional homes, CIBC economist Benjamin Tal wrote in a report Tuesday. Tal traced the problem to population figures he says don’t adequately count non-permanent residents.