The Parliamentary Budget Officer estimates Canada needs to build 3.2 million new homes in the next decade to close the housing gap, but isn't currently on track to do that.

The latest PBO report estimates the number of new home builds will be higher over the next three years before gradually returning to historical averages. It projects an average of 227,000 new homes to be completed a year for the next decade.

At the same time, it expects a sharp decline in the number of new households being formed after Canada slashed its immigration targets.

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The increased construction and decreased demand should combine to correct the historically low vaca

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