OTTAWA — Canada needs to build 3.2 million new homes in the next decade to close the housing gap but isn't on track to do that, the Parliamentary Budget Officer said in a new analysis published on Tuesday.

The latest PBO report estimates the number of new home builds will be higher over the next three years but will gradually return to historical averages after that.

The report said it expects an average of 227,000 new homes should be completed a year for the next decade. This means the PBO expects about 2.5 million homes to be built over the next 10 years.

But it said Canada needs 3.2 million homes, leaving a gap of almost 700,000 homes between what is currently projected to be built, and what is needed.

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