This is an important chart taken from this recent article by Steve Lafleur talking about the need for Canada to "bulk up." What it obviously shows is that housing completions and population growth have generally been diverging in Canada since the 1970s.
Back then, we were building about 200,000 homes a year and, today, we're building slightly under that. Of course, our population has also grown dramatically during this time period, as has the number of people who move to Canada each year. The result is that the Canada Mortgage Housing Corporation estimates that we'll have a housing shortage of approximately 3.5 million homes by 2030.
But we already knew this. Big numbers are often thrown around in studies. I think the more important question is: How do we reconcile this massive shortage with the fact that, in cities like Toronto, we have lots of zoned land ready for the construction of new housing (but that isn't financially feasible) and lots of unsold homes that aren't selling right now?
Do we really have a shortage?
Well, Toronto is just one specific market, and I can't speak to all the dynamics playing out across the country and the world. But it strikes me that what's missing from the above chart, and this discussion in general, are considerations around (1) housing type and (2) affordability. And by type, I'm largely thinking about size, as it's closely linked to affordability.
If what we're building is too expensive for most people and unsuitable for their household needs, then yes, I guess that would mean we have a shortage of housing.
