Affordable Housing Supply Drops 36% in Major Indian Cities

In India, a housing crisis is emerging in major cities as the supply of affordable and mid-income homes has dropped by 36% over the past two years, with projections indicating a need for 1.5 crore homes in the next five years due to rising migration and nuclear families. The worst-affected cities include NCR, Mumbai, and Hyderabad, where the supply of homes priced under Rs 1 crore has fallen dramatically. Meanwhile, in Canada, a report suggests that the recent reduction in immigration targets will lead to a need for 500,000 fewer homes than previously estimated, providing some relief from the housing crisis. However, real estate brokers in northern Ontario express concerns about ongoing affordability challenges, as prices rise and inventory remains limited, particularly for mid-range housing. Government initiatives aimed at boosting affordable housing supply are being discussed in various regions, but the effectiveness of these measures remains uncertain. The overall outlook indicates that while some relief may be on the horizon, significant challenges still persist in both countries' housing markets.