Cabinet has no plan to solve the housing crisis, the CEO of Canada Mortgage and Housing Corporation said yesterday. “There is not a plan,” Bowers testified at the Senate national finance committee.

“There are many factors that contribute to housing production including things like interest rate trajectories, the availability of skilled labour, local conditions that really impact housing delivery,” said Bowers.

Canada requires 3,500,000 homes by 2030 in addition to current construction levels to restore housing affordability, according to a 2022 CMHC report Canada’s Housing Supply Shortages: Estimating What Is Needed To Solve Canada’s Housing Affordability Crisis By 2030. CEO Bowers yesterday said the target is unchanged.

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