A new report by Desjardins Securities has revealed that Canada needs a 50% surge in housing construction to meet the rising demands brought on by immigration. If current trends persist, around 210,000 units are forecasted to be built this year – yet an additional 100,000 will be needed over the next years as Canada is expecting record-breaking immigrant influxes into the country. The Federal Government’s commitment to admit 1.45 million permanent residents in the coming three years is a call for increased housing construction, primarily because of the length of time that it takes to construct residential houses. Therefore, the report called on the federal and provincial governments to take necessary action to ensure sufficient housing is available in the coming years.
