There are about 16.3 million homes in the country. Canada Mortgage and Housing Corp. last year calculated that, for prices to moderate, 5.8 million more are needed over the next decade – that’s 3.5 million on top of the 2.3 million that would otherwise be built. Look at those numbers and wonder why the Prime Minister held a press conference for 214 homes. Look at those numbers and consider the national housing strategy’s modest impact, 107,519 homes, so far.
They have the Canadian Mortgage and Housing Corporation (CMHC), the same people who currently provide mortgage insurance. In their original 1945 mandate, they were responsible for building housing for returning war veterans, as well as loans to purchase them. It was only later, in the 1980s, that the building part was dropped and they took up their current role.
So the federal government has the option of returning the CMHC to its original mandate.
