Whether you’re searching for a new home in the Greater Napanee area or internationally, recent insights from the Canada Mortgage and Housing Corporation (CMHC) reveal that Canada needs to boost its housing stock to exceed 22 million units by 2030 in order to achieve greater affordability.
The median list price of a home in Greater Napanee sits at $679,000, that’s down from $749,950 last month as listings change and the types of homes vary by availability.
Hitting the national goal comes with a substantial price tag, estimated at approximately one trillion dollars. Aled ab Iorwerth, Deputy Chief Economist at CMHC discussed with the Canadian Press the importance of incentivizing the private sector to invest more in housing. He calls upon governments at all levels to streamline regulations and reduce financial obstacles for new construction projects, all while upholding essential social and environmental objectives.
He says for those in pursuit of housing solutions, this development highlights the ongoing efforts to make homeownership more accessible in Canada.
As it stands right now in Greater Napanee, the median sold price of a home sits at $679,000. A figure that is lower than some comparable regions, but still out of reach for many as the nationwide housing crisis shows no sign of ending.
