TORONTO, June 1 (Reuters) - Canadians will continue to struggle to afford new homes unless more is done to address supply issues as economic growth and new immigrants ramp up demand for homes, the country’s housing agency chief said on Thursday.
Canadian authorities have taken a number of measures to try to cool rampant housing markets, particularly in the cities of Vancouver and Toronto, which has seen a 33 percent price rise in the past year. The increases have raised concerns many Canadians have been priced out of the market.
“Canada’s housing affordability challenge will only get worse without more and faster supply,” Canada Mortgage and Housing Corp (CMHC) Chief Executive Evan Siddall said in a speech in Toronto.
“Urbanization is a global trend and Canada’s embrace of immigrants will add to the future need for housing, particularly in our cities,” he added.
Canada’s Liberal government has said it plans to invest C$11.2 billion ($8.3 billion) in new housing over the next 11 years. ($1 = 1.3483 Canadian dollars) (Reporting by Matt Scuffham; Editing by Chris Reese)