Housing supply across Canada’s largest cities saw just a 1% growth in the first six months of 2023, compared to the first half of 2022. This according to the latest edition of Canada Mortgage and Housing Corporation’s (CMHC) Housing Supply Report (HSR), which examines new housing construction trends in Canada’s six largest Census Metropolitan Areas (CMAs).

Kevin Hughes

“Given larger building size and resulting longer preparation time of the buildings started in Toronto and Vancouver, the numbers posted in these cities are the result of a process that began at a time when financing and building conditions were considerably more favourable. This contrasts with Montréal, which is more reflective of the current, more challenging, context, such as higher financing and construction costs,” said Kevin Hughes, Deputy Chief Economist for the CMHC.

Tighter borrowing conditions, elevated construction and labour costs, and high interest rates created challenging conditions for homebuilders across all six major markets. Additionally, construction timelines saw a slight increase from the first half of 2022, up 0.9 months, said the CMHC.

“Toronto and Vancouver accounted for nearly two-thirds of the housing starts across the 6 markets, with apartment starts making up nearly three-quarters of all housing construction. The strong apartment growth observed in Toronto and Vancouver was offset by declines in Canada’s other largest centres,” it said.

Housing starts by dwelling type, first half of 2023, and percentage change from same
period in previous year, select CMAs

Single-detached

Semi-detached

Row

Apartment

Total

Units

%change

Units

%change

Units

%change

Units

%change

Units

%change

Vancouver

1,511

-4 %

560

1 %

1,062

-0 %

14,325

68 %

17,458

49 %

Calgary

2,513

-13 %

806

5 %

1,281

37 %

3,506

-1 %

8,106

-0 %

Edmonton

2,077

-34 %

380

-19 %

985

4 %

1,630

-38 %

5,072

-29 %

Toronto

2,271

-21 %

116

-66 %

2,181

-25 %

21,200

58 %

25,768

32 %

Ottawa

663

-45 %

72

-45 %

675

-45 %

2,164

38 %

3,574

-18 %

Montréal

488

-54 %

96

-72 %

139

-76 %

5,204

-57 %

5,927

-58 %

Total

9,523

-25 %

2,030

-22 %

6,323

-17 %

48,029

15 %

65,905

1 %

Mario Toneguzzi

Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list)

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