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Supply is 'the biggest issue affecting housing affordability' in Canada, CMHC finds

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Financial Post: 'New housing starts have struggled to keep up with population growth in some of Canada’s large cities, especially Toronto, making affordability a “significant” challenge, according to the Canada Mortgage and Housing Corporation’s first in a series of reports to get a better handle on the country’s housing supply and its impact on affordability.


'“The biggest issue affecting housing affordability in Canada is that supply simply isn’t keeping pace with demand,” the CMHC declared in the report, which was released Tuesday afternoon.


'But the housing authority added that the situation is complex, with several reasons behind steep, continued price escalation in recent years.


'“Work is currently underway at CMHC to estimate the number of housing units needed in many parts of the country in order to make the real estate market more affordable,” the housing authority said. “In addition to demographics, several economic factors are considered in this analysis, such as the effect of household income on housing demand.”'

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