PBO says Ottawa's 'costly' affordable housing will be $89 billion

"BuildForce Canada projects that these market challenges could persist through the forecast period due to strong residential construction markets and a growing inventory of current and proposed major projects that are not expected to wane until 2026," a report published on its website last year said. It calls for the admission of 1.45 million more new permanent residents over the next three years, equivalent to 3.8% of the country's population. After launching the housing strategy in 2017 amid the real estate frenzy in Toronto and Vancouver, about a quarter of newcomers from January 2022 through October intend to settle in the Toronto region — among the most expensive real estate markets nationwide.

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