Ottawa - A new report issued by the Canadian Mortgage and Housing Corporation stated that the housing stock in the country must increase to more than 22 million units by 2030 to achieve affordability for every person living in Canada.

The Housing Agency pointed out that two-thirds of the supply gap exists in Ontario and British Columbia, two markets that have faced significant declines in affordability.

According to the figures and research issued by the agency, around 2003 and 2004, the average household had to allocate nearly 40 percent of its income to purchase an average home in Ontario, and nearly 45 percent in British Columbia. As of 2021, this number approached 60 percent.

The report says that additional housing supply will also be needed in Quebec, where affordability has declined over the past few years.

On the other hand, the Housing Agency said, "Achieving housing affordability for everyone in Canada will require developers to become more productive and fully utilize state-owned lands to build more housing."

The report also added that the government must make regulatory systems faster and more efficient as well.

Editor: Dima Abu Khair