\u201cIt takes, give or take, six to eight years to deliver a big housing unit, whether it\u2019s condo or rental, in any of the larger centres across Canada. Demand can shift on a dime,\u201d Laberge cautioned.<\/p>\n
\u201cYoung adults living with parents, people sharing homes longer than they plan, newcomers settling permanently, and families delaying their next move can all come back into the market when confidence returns. And that will return at some point. This is not a one-year story. This is a pent-up demand story that will play out over the next three, four, five years.\u201d<\/p>\n
For now, there seems little prospect of homebuilding accelerating to meet the required annual level \u2013 particularly with more than a million extra workers in the construction industry needed, according to Marion, to satisfy demand.<\/p>\n
Laberge said it makes no sense to ease off on construction even in a quieter market because it will ultimately have a negative effect on the affordability outlook. \u201cWe should not close a fire station because it\u2019s raining,\u201d he said. \u201cWe should welcome the rain but not sell the truck.\u201d<\/p>\n