The average cost of a home in Canada is $754,700 CAD, per DollarWise.

Meanwhile, Canada's housing starting constructions are not keeping pace with record immigration, per Bloomberg.

Canada's housing supply is failing to keep up with the rapid growth of its population. Multiple sources, including academics, commercial banks, and policy experts, have sounded the alarm, highlighting how the surge in population due to immigration is exacerbating the housing crisis.

According to Murtaza Haider, a professor specializing in data science and real estate management at Toronto Metropolitan University, the main contributor to Canada's housing affordability issue lies in the insufficient construction of housing in line with the population increase.

A TD report from late July also underscored the potential repercussions of maintaining a high-growth immigration strategy, indicating that the housing shortage could expand by approximately half a million units within a mere two years.

Despite these concerns, the Canadian government, particularly the Liberals, is steadfast in its commitment to welcoming more immigrants into the country. They argue that Canada relies on high immigration rates to bolster the economy and meet the pressing demand for housing.

Immigration Minister Marc Miller emphasized the government's position, stating that the recently approved immigration levels reflect the necessity of maintaining these numbers. Miller stressed that the aging population in Canada poses a risk to public finances, as healthcare requirements rise and the tax base diminishes. As a countermeasure, the government views continued high immigration as essential to maintaining economic stability and addressing the housing shortage.