If you have — or if you know — somebody who’s trying to decide on a career path, it might be a good idea to point them in the direction of building houses. Of course, that means anything connected to building a house: electrician, flooring specialist, general contractor and any number of trades.
As the country’s population hit 40 million people this month, a number that seemed to surprise many Canadians, another number joined the equation — 3.5 million. That’s how many homes Canada will need, minimum, by 2030 to make it affordable, or somewhat affordable, for the population.
Writes CIBC’s Managing Director and Deputy Chief Economist Benjamin Tal:
“Guesstimating the size of the housing shortage in Canada is rapidly becoming a national sport. There is no shortage of estimates using different methodologies and assumptions. The reality is that there is no one correct number. It really depends on what you are trying to measure. But what is common to all those estimates is that they are all big.”The 3.5 million number came from Canada Mortgage and Housing (CMHC) in a report from last year. Building them is going to be a challenge. Tal says the shortage of houses is fueled by a shortage of people to build them.
“Ask any developer about supply issues and the availability of labour usually tops the list,” he says. “And there is no shortage of statistical evidence of that shortage. With no less than 80,000 vacancies in the industry, the vacancy rate is at a record high and a full percentage point above the national average.”
Children…grandchildren…students…think about the trades for a bright future.