BAKU, Azerbaijan, May 20. Resolving the housing crisis in Canada requires the construction of up to 480,000 new homes annually, Lindsay Neeley, Vice President of Policy at the Canada Mortgage and Housing Corporation (CMHC), said, Trend reports.
She made the remark during a business roundtable on affordable housing finance held within the framework of the World Urban Forum (WUF13) in Baku.
According to her, restoring housing affordability across the country demands the construction of between 430,000 and 480,000 new housing units each year until 2035. She stated that Canada continues to face a severe deficit in affordable housing, which is currently valued at nearly $1 trillion.
"Existing financial resources remain insufficient to completely bridge this gap, which necessitates structuring the housing system in a manner that allows private capital to participate on a massive scale in building housing across various affordability tiers," Neeley added.
The CMHC representative emphasized that attracting private investment requires stable market conditions and project predictability, given that regulatory approval delays, prolonged construction timelines, and high development fees can significantly impact the economic viability of projects.
"Canada utilizes a broad toolkit of housing finance mechanisms, including mortgage insurance, securitization programs, and direct rental construction lending through the $55 billion Apartment Construction Loan Program," she concluded.
Today, the fourth day of the WUF13 conference is taking place in Baku.
The first day included a ministerial meeting dedicated to the New Urban Agenda, a ministerial roundtable, assemblies for women and civil society, business sessions, and discussions on urban prosperity. An official ceremony marking the raising of the UN and Azerbaijani flags also took place.
The second day stood out for the inaugural Leaders' Summit, featuring high-level discussions on the global housing crisis, urbanization policy, and urban resilience. Concurrently, the opening of the Mexico City pavilion took place, serving as a significant platform for expanding cooperation with the Latin American region and preparing for WUF14.
The third day of WUF13 featured a comprehensive program of events covering the global housing crisis, the formation of safe and inclusive cities, climate resilience, artificial intelligence and urban governance, green urbanization, social equity, and sustainable transport.
WUF13, which has attracted more than 40,000 registered participants from 182 countries, will continue until May 22. Held under the theme “Housing the world: Safe and resilient cities and communities,” the forum brings together governments, international organizations, experts, and representatives of civil society to strengthen global cooperation in the field of sustainable urban development.
