Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.
The Canada Mortgage and Housing Corporation says new home construction in Canada’s six largest cities rose four per cent year over year in the first half of 2024, but housing starts were still not enough to meet growing demand.
The agency says growth in housing starts was driven by significant gains in Calgary, Edmonton and Montreal.
Construction starts totaled 68,639 units, the second strongest figure since 1990, but the rate of housing starts per capita meant activity was about the historical average and not enough “to reduce the current supply gap and improve affordability for Canadians .”
The report says new home construction trends vary significantly across the markets studied, with Toronto, Vancouver and Ottawa seeing declines ranging from 10 to 20 per cent from the same period last year.
Apartment starts in the six regions increased slightly, driven by the construction of new rental units, as almost half of the apartments started in the first half of 2024 were purpose-built rentals.
But condominium apartment starts fell in the first six months of the year in most cities, a trend the agency predicts will continue amid soft demand as developers struggle to meet required pre-construction sales.
This report was first published by The Canadian Press on September 26, 2024.
(Except translation, this story has not been edited by achinews staff and is published from a syndicated feed.)
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