Canada is facing a housing crisis and the biggest issue is supply. Finance Canada and the Canada Mortgage and Housing Corporation (CMHC) estimate that Canada will need to build at least 3.5 million new homes by 2031. Speaking at the Federation of Canadian Municipalities annual meeting, Prime Minister Justin Trudeau stated the cost of owning a home is inaccessible for most of people in Canada's largest cities, observing it can take 280 months for an average family to save for a deposit in a place like Toronto. The CMHC predicted that average prices in 2023 will be from $743.000 to $831.100 and average prices in 2024 will range from $756.500 to $867.800.
Affordable housing are urgently needed, particularly for those experiencing or at risk of homelessness. Furthermore, the CMHC recognizes that modular housing could help to address some of the pressures of finding affordable housing. They provided $1.5 billion fund through the Rapid Housing Initiative to build 6.000 new affordable housing units by 2023. The North America modular construction market is anticipated to grow at a CAGR of 7.5% during 2022-2027 and Canada currently accounts for a 5.1% share in the global market. However, as we have seen there have been issues in delays in the supply chain process, raw materials and increasing shortages in skilled manpower have held the move towards modular construction.
With the urgency of building affordable housing, Modular for Affordable Housing by Trueventus is aimed to create a premier destination for construction industry professionals to gain insights and experience first-hand on the latest innovations and opportunities in modern methods of construction to streamline workflows, improve productivity, expand the scope of projects, expand access to data, enhance collaboration and generate stronger profit margins. Also, understanding emerging construction technologies that are becoming increasingly leveraged to aid the design and development of modular construction.
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