Addressing the housing supply shortage requires a multi-faceted approach. Policymakers can implement measures to incentivize the construction of new housing units, such as offering tax incentives, removing municipal policy roadblocks against increased housing density, or streamlining the regulatory process.
Additionally, investing in affordable housing initiatives and encouraging the development of rental properties can alleviate the strain on the housing market. Collaboration between government, industry stakeholders, and communities will be crucial to finding sustainable solutions to Canada’s housing supply issues.