A surge in new apartment construction drove housing start increases in several major Canadian cities last year, but supply continues to outweigh demand, according to a report released Wednesday by the federal housing agency.
Supply still outweighs demand, and some major cities saw drop in total starts
A surge in new apartment construction drove housing start increases in several major Canadian cities last year, but supply continues to outweigh demand, according to a report released Wednesday by the federal housing agency.
The report from Canada Mortgage and Housing Corporation focuses on six major cities: Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa.
Toronto, Vancouver and Calgary all saw an increase in total housing starts boosted by apartment construction.
Montreal, meanwhile, saw a 35 per cent decline in apartment starts due to higher financing and construction costs — its lowest level in eight years, according to CMHC.
Ottawa and Edmonton saw drops in total starts, with the former logging a 20 per cent decline and the latter a 10 per cent decline.
More to come.
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