The housing crisis in Canada continues to push full steam ahead. Despite a recent dip in prices and talk of a precipitous drop, Canadians are still dealing with untenable housing costs. The cooling of the pandemic price surge has done little other than to bring stratospheric costs back down to merely outrageous prepandemic levels. The challenge set by the crisis is worst in British Columbia and Ontario and particularly serious for those seeking affordable housing.

Last week, Prime Minister Justin Trudeau discussed plans to create 17,000 units, with a focus on affordable builds alongside $200 million for a rent-to-own scheme. Although the money for the projects was budgeted in 2021 and 2022, in the face of rising costs — and yet another Bank of Canada interest rate hike — the prime minister is focusing on affordability.

These new units, while welcome, are a drop in the bucket. In June, the Canada Mortgage and Housing Corporation (CMHC) noted that to restore affordability by 2030, the country would need 3.5 million new homes. That means Canada must reach a total of 22 million homes in the next eight or so years to hit the affordability mark. This assumes that the housing agency isn’t off the mark again and that number isn’t, or won’t become, higher. So far, the country is on track to hit roughly 19 million.