Approximately one in ten households in the country faces core housing needs, living in unsafe, overcrowded, or unaffordable conditions. The issue of homelessness remains prevalent, with thousands of people experiencing it nightly thanks, in part, to decades of underinvestment in community housing. Also, middle-income Canadians are increasingly struggling to pay their mortgage or rent. The rapid escalation of housing prices, combined with inflation and high-interest rates, has placed a significant burden on this demographic. “The single biggest factor driving this housing crisis is the severe shortage of homes in most cities across the country,” says Romy. “It’s a simple equation of supply and demand. Our cities are growing, the people living in them need homes, and there simply aren’t enough to go around.” In fact, CMHC estimates that to restore affordability by 2030, Canada must build 3.5 million more homes than it is already on track to build – and that reaching that goal would take an investment of at least $1 trillion dollars. THE BUSINESS COMMUNITY’S ROLE The housing crisis isn’t solely a concern for CMHC or the government; it affects the broader Canadian economy as it’s becoming a bottleneck for economic growth. Romy Bowers, President 65 DEC 2023 | BUSINESS ELITE CANADA
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