Canada is facing a housing affordability crisis. Various academics, policymakers, and stakeholders have underscored the need for more subsidized housing units. However, research on how increasing the stock of subsidized housing units affects the housing circumstances of Canadians remains rather limited. Using microdata from the 2021 Canadian Census, we compare children’s odds of having unaffordable, overcrowded, and inadequate housing by residence in subsidized housing and family structure. For children in two-parent families, living in subsidized housing is associated with lower odds of having unaffordable housing but higher odds of having inadequate and overcrowded housing. For all others, living in subsidized housing is associated with lower odds of having unaffordable, inadequate, and overcrowded housing. Our findings underscore the importance of increasing access to subsidized housing, building units that can better meet the housing needs of those with the greatest housing vulnerability, and targeting those with the most unmet needs.