This is the best summary I could come up with:
That was the main takeaway from a new report the Canada Mortgage and Housing Corporation published Wednesday, updating its initial assessment from June 2022.
In its update Wednesday, the agency says incremental progress has been made, narrowing the gap slightly, but Canada still needs another 3.45 million new units above and beyond what is currently planned.
The supply picture has improved somewhat in Ontario, but has worsened in other provinces like Quebec, Alberta and British Columbia, the CMHC says.
The agency's target is based on the affordability level in 2004, when housing costs were relatively low and the economy was stable.
Robert Hogue, an economist with the Royal Bank of Canada, says that while Canadian housing affordability remains at a crisis level, he agrees with the assessment that incremental progress is being made on the supply side of the picture
"We've seen some progress in terms of housing construction," he told CBC News in an interview.
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