38 million, with an annual immigration target of over 400k, plus foreign students, temporary visas, etc. New construction simply isn't keeping up with demand. Politicians have tried to solve this from the supply side for decades, but many of the issues like zoning are in provincial and municipal jurisdiction, where the incentive is to keep prices high and homeowners happy.

So the federal government refuses to address the demand side of the equation (very high immigration rate) while the the provinces and municipalities block increases in supply. The natural result? Runaway price increases, and the rest of Canada's economy becoming uncompetitive because employees can't find a house within a 2 hour commute for under $1MM in the GTA.