Canada's home ownership crisis is likely to worsen over the next few years as proposed project sales languish at historically low levels, stalling the funding needed for construction, half a dozen economists and realtors told Reuters.

According to federal housing agency CMHC's Housing Supply Report from last month where it cites an independent study, new condominium sales were down more than half in the first six months of 2024 than in the same period a year ago.

Aled ab Iorwerth, deputy chief economist at CMHC, who co-authored the report said there are many developers who need money to start planned condo projects.