BAKU, Azerbaijan, May 20. Resolving the housing
crisis in Canada requires the construction of up to 480,000 new
homes annually, Lindsay Neeley, Vice President of Policy at the
Canada Mortgage and Housing Corporation (CMHC), said, Trend reports.


She made the remark during a business roundtable on affordable
housing finance held within the framework of the World Urban Forum
(WUF13) in Baku.


According to her, restoring housing affordability across the
country demands the construction of between 430,000 and 480,000 new
housing units each year until 2035. She stated that Canada
continues to face a severe deficit in affordable housing, which is
currently valued at nearly $1 trillion.


"Existing financial resources remain insufficient to completely
bridge this gap, which necessitates structuring the housing system
in a manner that allows private capital to participate on a massive
scale in building housing across various affordability tiers,"
Neeley added.


The CMHC representative emphasized that attracting private
investment requires stable market conditions and project
predictability, given that regulatory approval delays, prolonged
construction timelines, and high development fees can significantly
impact the economic viability of projects.


"Canada utilizes a broad toolkit of housing finance mechanisms,
including mortgage insurance, securitization programs, and direct
rental construction lending through the $55 billion Apartment
Construction Loan Program," she concluded.







Today, the fourth day of the WUF13 conference is taking place in
Baku.


The first day included a ministerial meeting dedicated to the
New Urban Agenda, a ministerial roundtable, assemblies for women
and civil society, business sessions, and discussions on urban
prosperity. An official ceremony marking the raising of the UN and
Azerbaijani flags also took place.


The second day stood out for the inaugural Leaders' Summit,
featuring high-level discussions on the global housing crisis,
urbanization policy, and urban resilience. Concurrently, the
opening of the Mexico City pavilion took place, serving as a
significant platform for expanding cooperation with the Latin
American region and preparing for WUF14.


The third day of WUF13 featured a comprehensive program of
events covering the global housing crisis, the formation of safe
and inclusive cities, climate resilience, artificial intelligence
and urban governance, green urbanization, social equity, and
sustainable transport.


WUF13, which has attracted more than 40,000 registered
participants from 182 countries, will continue until May 22. Held
under the theme “Housing the world: Safe and resilient cities and
communities,” the forum brings together governments, international
organizations, experts, and representatives of civil society to
strengthen global cooperation in the field of sustainable urban
development.