During the period 2001 to 2006 Canada has benefitted from unprecedented low interest rates. Mortgage rates have been as low as below 5 percent. This has been the strongest factor in helping Canadians to buy their homes rather then renting. In addition to low interest rates, CMHC ( Canadian Mortgage and Housing Corporation ) assistance has helped some Canadians afford down-payments on homes. In the urban areas there has been a strong movement toward condominium and townhouse living. Condos and townhomes are being built smaller and smaller in order to keep the cost of the home low as the cost of building per square-foot has been increasing. Both Canada and the United States have enjoyed soaring housing prices during the period.

Vancouver's mayor Sam Sullivan and the mayor of London, Ontario are co-chairing a commission to develop a national housing strategy. It is necessary for the country to plan ahead for housing in Canada to ensure that it's population has adequate housing and shelter.