Main Conclusions

This research bulletin compares annual population growth in Canada with housing completions between 1972 and 2022.
The growth of the population reached its highest point, nationally and in every province, in 2022.
Meanwhile, housing completions have stabilized or declined. Nationally, Canada has yet to build more homes annually than it did during the 1970s. This is also the case in 9 out of 10 provinces.
Throughout most of this period, Canada’s population grew by one to three people for every housing unit completed the previous year.
In 2022, population grew by 4.7 people for every unit completed the previous year—higher than at any other time.
Among the provinces, this ratio ranges from 2.8 people per home completed in Quebec to 11.3 people per completion in New Brunswick in 2022.
Without closing the wide, growing gap between housing demand (population growth) and housing supply (housing completions), Canadians’ current struggles with high housing costs are likely to persist, if not worsen.

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