2023 Canadian housing starts in six major cities remain near-all time highs, with apartment starts increasing 7%, but demand for rental housing still outpaces supply.
Housing starts in Canada's six largest cities remained stable at near-all time high levels in 2023, driven by a surge in new apartment starts; however, demand still outpaces supply for rental housing. The Canada Mortgage and Housing Corp. reported that combined housing starts in Toronto, Vancouver, Montreal, Calgary, Edmonton, and Ottawa regions dipped 0.5% compared with 2022, reaching 137,915 units. Apartment starts increased 7% to reach a record 98,774 units, while the number of new single-detached homes fell 20% year-over-year due to weak demand for higher-priced homes. Experts warn the current levels are not enough to address Canada's housing shortage.
March 27, 2024
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