From the Federation of Canadian Municipalities:

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Crunching Canada’s Housing Numbers

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What are the economic benefits of a stable, and secure housing sector?

• Each dollar spent on housing equals a $1.40 increase in gross domestic product (GDP).
• For renovations and new housing construction, an expenditure of $1 million on housing generates roughly three full-time-equivalent jobs, and 10 additional indirect and ancillary jobs.
• Housing starts remain consistently below the years leading up to the 2008 recession, creating an estimated gap of 50,000 jobs in the construction sector.
• The housing sector now makes up 20% of Canada’s GDP.

The cost of homeownership is pricing many Canadians out of the market.

• The average home price in Canada is up 63% since 2000 compared to a 13% increase in median after-tax income of average households.
• Canada’s household debt is at a historic high. We now owe $1.63 for every $1.00 of disposable income compared to $1.48 in 2009 and $0.84 in 1990.
• Mortgage debt stands at $1.1 trillion in Canada.
• 1 in 4 Canadians pays over 30% of their income for shelter — more than they can afford, according to CMHC guidelines.

1 in 3 Canadians rent.

• Rental construction accounts for just 10% of new residential construction over the past 15 years.
• For over a decade, Canada’s overall vacancy rate has remained below 3%, the rate that is considered balanced (e.g. Calgary: 1.2%,  Edmonton: 1.2%, Regina: 1.9%,  Toronto: 1.6%,  Winnipeg: 1.9%).
• 42% of young Canadians (20–29 years) lived with their parents in 2011 compared to 26% in 1981.

$1.7 billion in federal affordable housing operating agreements is set to expire.

• Canada’s 600,000 social housing units receive $1.7 billion annually in federal subsidies as part of operating agreements, but they have started to expire.
• Without the federal subsidy, one out of three, or 200,000 units are at risk of closing their doors.
• The agreements are cost-shared with the provinces for a total of $3.5 billion.
• In the next five years, we will see the biggest drop as $500 million in annual federal subsidies expire.

The need for social housing continues to grow.

• Canada had approximately 1,086 homeless shelters in 2011, up from 859 in 2006.
• An estimated 300,000 Canadians live in shelters and on the streets every year.

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UPDATE: