Immigration into Canada is on pace to hit a record high in 2022, but the intake has run into a bottleneck: not enough homes
in Canada’s biggest centers, prompting would-be buyers to look farther afield and drive up prices in smaller, far-flung communities unaccustomed to housing booms. The cost of a single-family detached dwelling has doubled over the past decade, according to data from the Canadian Real Estate Association. Data collected by the Federal Reserve Bank of Dallas indicate Canada had, until recently, recorded some of the fastest growth in house prices among major developed economies.
“I really was surprised,” he said, “because I did not think it would be that difficult to find a house in Canada. It was a nightmare.” He has heard from friends who fled Afghanistan to the U.S., where they found reasonably priced housing. The bungalow he settled on isn’t ideal, Mr. Noorzai said, “but at least it’s better than a hotel,” where a local immigration agency had put his family up during their housing search.
Apartment blocks of affordable housing being demolished to make way for luxury condominiums in midtown Toronto last year.The national housing agency, Canada Mortgage and Housing Corp., said the country will require 3.5 million additional homes above current home-building projections by 2030 to restore housing affordability.
“Newcomers play a crucial role in the future of our communities and our economy, and we do everything we can to set them up for success,” the spokespeople said.A personal, guided tour to the best scoops and stories every day in The Wall Street Journal.Canada intends to spend 10 billion Canadian dollars, or the equivalent of about $7.3 billion, to help double home construction over the next decade. Some of the money will be used to encourage municipalities to change zoning laws.
The Toronto Region Board of Trade calculates that one-third of Canada’s immigrants settle in Toronto, the country’s largest metropolitan area with 6.2 million residents. For every two immigrants who arrive in Toronto, at least one resident leaves because of high housing costs and limited supply, said Craig Ruttan, the board’s policy director.
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