July 12, 2024

Globe & Mail: Canada's Next Housing Crisis - Who is going to build millions of new homes?

"The country’s goais to build 3.9 million new homes by 2031. But between labour constraints and productivity woes, an ambitious plan might be dead on arrival"

Canada is facing a bold challenge: building 3.9 million new homes by 2031 to address its housing crisis. But with a looming labor shortage—134,000 construction workers set to retire by 2033 and only 117,000 new entrants—meeting this goal seems daunting. To close the gap, the industry would need to nearly double its workforce.

The good news? Construction is positioned for transformation. Experts like CIBC’s Benjamin Tal believe it’s not impossible; innovation could be the key to overcoming the shortfall.

This article HERE was published by The Globe and Mail, written by Matt Lundy.