Internal memo says Ottawa won’t reach housing targets until 2033

The note also included analysts’ predictions that housing starts would peak in 2030 at fewer than 262,000.

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Prime Minister Mark Carney’s promise to build half a million homes annually not only fell drastically behind his target after one year in office, but it now appears to be out of reach until well into the next decade.

According to an internal Department of Finance memo dated January 30, the Carney government is unlikely to reach its housing targets until 2033. The memo cited the long permit process, inflation, and labour shortages as among the reasons for the delay.