CMHC has updated its “Supply Gaps Estimate” which provides analysis of Canada’s housing supply gap using an enhanced model. It explores a range of scenarios up to 2035 and provides detailed information on where more housing supply is needed across Canada. The results now quantify how much housing supply is required to restore affordability over the next decade to levels last seen prior to the pandemic. 

More information, along with the downloadable “Housing Supply Shortages: Moving to a New Framework” report can be found on the CMHC webpage. 

A June 10 article by CMHC comments on the significant decline in condominium sales in Toronto and Vancouver, alongside increasing project cancellations. Some key insights that will not be new information to UDI membership include: 

• “In 2024, condominium apartment unit cancellations were 5- and 10-fold higher than they were in 2022 in Toronto and Vancouver, respectively. Despite some condominium projects converting to rental, developers have still been cancelling an increasing number of them.” 
• “The condominium market is expected to remain weak as completions remain near record levels and demand remains subdued. Given the national and global economic outlook, there is little evidence to suggest that price and rent declines are likely to quickly reverse. As a result, project cancellations and reduced construction activity are also likely to continue in the near term, hindering efforts to increase housing supply over the long term.” 

More details can be found in the full article.