The Canada Mortgage and Housing Corporation’s chief economist says he isn’t confident Canada will be able to meet the CMHC’s ambitious target of building 3.5 million homes in order to restore affordability by 2030.
“The 3.5 million is an enormous undertaking,” Bob Dugan, CMHC’s chief economist, told the Commons finance committee on Sept. 28. “I think it is a very ambitious goal. It is going to be difficult to attain. I don’t see how we will attain it with the current environment.”
Mr. Dugan referenced high interest rates, the elevated cost of construction materials, and the unemployment rate inching up as reasons for his outlook, according to Blacklock’s Reporter.