
Construction Trades
The construction sector in Canada is facing significant labour shortages which is feeding into the housing affordability crisis. According to an August 2023 StatsCan report, roughly 118,900 construction positions will be left vacant by 2033. CIBC Chief Economist Benjamin Tal estimates 300,000 workers will be retiring in Canada over that time with insufficient inflow to make up the shortfall. The Canada Mortgage and Housing Corporation declared in June 2023 that the country needs 5.8 million new homes to restore housing affordability. The looming mass retirement and its resultant labour shortage are certain to complicate any efforts to restore housing affordability.
It almost seems paradoxical that government/employers are harping about a shortage of labour and skills when there are thousands of BIPOC individuals including refugees who are ready, willing, and able to take up paid employment in the sector, but are not getting the opportunities and support they need to get in.