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What if solving Canada’s housing affordability crisis was actually simpler than politicians make it? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are joined by Aled ab Iorwerth, Deputy Chief Economist at CMHC, for a data-driven conversation on Canada’s housing affordability crisis. Together, they unpack why the core issue is supply, not demand, and why Canada must dramatically increase annual housing production to restore long-term affordability.
Aled explains how market “filtering” works, why affordability mandates and rent control often backfire, and how Alberta’s flexible, no-rent-control model has delivered more livable outcomes. The discussion also explores the existence of three distinct housing crises requiring tailored solutions, the looming reversal of today’s rental supply surge, and the role of construction innovation in scaling output. Finally, Aled examines how tax and regulatory barriers are discouraging international capital from funding new apartment construction, even as Canada urgently needs sustained, long-term investment to close the housing gap.
What you will learn:
- Why the supply vs. demand debate is settled
- How to recognize when affordability mandates destroy projects
- The three distinct housing crises require different solutions
- Why Alberta’s Edmonton model works
- The condo presale collapse threatens long-term supply
- How productivity innovation, not just labor, unlocks scale
- Why international capital is being taxed out of Canadian housing
Aled ab Iorwerth is the Deputy Chief Economist at Canada Mortgage and Housing Corporation (CMHC), bringing deep expertise in housing economics and policy research. With a PhD in Economics from Western University and extensive experience at the Department of Finance analyzing economic productivity, climate change, and human capital, Abiowirth has become a leading voice in Canada’s housing affordability debate. He is best known for pioneering CMHC’s influential research on housing supply deficits, shifting national policy discussions away from demand-side narratives toward evidence-based supply solutions.
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