video

Articles

Podcasts

Videos

Find a branch or ATM

Contact our Thought Leadership team—we value your insights!

Have questions or feedback?

Manage your meeting

Need to meet?

Explore the latest insights, reports, and timely topics affecting economic growth at home and around the world.

CIBC Thought Leadership

Connect with us:

Canada is facing a major housing affordability crisis. 

The demand for housing is rising at the speed of light. The supply is not there, and this gap will widen over time.
We estimate that over the next ten years, no less than 300,000 construction
workers will retire. What&#8217;s in the pipeline to replace them? Not much.
The number of apprentices in the system is actually going down.
If you look at new immigrants, only 2% of them are in construction
and this number is actually going down. Same goes for foreign workers.
We have to rethink the way we deal with construction workers in Canada.
We have to change the points system to allow more immigrants
to enter the profession.
The demand for housing is rising at the speed of light. The supply is not there, and this gap will widen over time.
We estimate that over the next ten years, no less than 300,000 construction
workers will retire. What&#8217;s in the pipeline to replace them? Not much.
The number of apprentices in the system is actually going down.
If you look at new immigrants, only 2% of them are in construction
and this number is actually going down. Same goes for foreign workers.
We have to rethink the way we deal with construction workers in Canada.
We have to change the points system to allow more immigrants
to enter the profession.
We have to encourage young people to enter that profession.
We are in the middle of a major housing market crisis.
We have to wake up.
We have to encourage young people to enter that profession.
We are in the middle of a major housing market crisis.
We have to wake up.

What is driving the construction labour shortage?

Benjamin Tal

Deputy Chief Economist

CIBC

What is driving the construction labour shortage?

Read Transcript

Benjamin Tal

Deputy Chief Economist

CIBC

Disclaimer