“Once that monetary policy cycle has run its course, my worry is that we get back to this longer-term trend of not enough supply, driving an erosion of affordability in the housing market,” he said. “My biggest worry in the long term is if we don’t fix the supply problem, we’ll just get back on that road of increasing house prices, increasing rents, because of not enough supply to meet the needs of all Canadians.”
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That lack of supply could come into even sharper focus with the federal government planning to welcome about 1.3 million new Canadians before the end of 2024. “If we’re going to have people come here, we have a duty to give them a place, to make sure there’s a place for them to live,” Dugan said.
With a majority of new immigrants…