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Canada's Construction Crisis
Canada needs over 3.5 million new homes to meet the housing demand.
Urban 411
November 21, 2024
Today, we're covering
👷 Housing Construction Increases Unevenly Across Canada
📉 Ontario is Ranked The Lowest in Housing Starts
📈 GTA Home Sales Boom in November While Inventory Drops
😰 Mortgage Arrears Rising in Toronto and Vancouver
🏢 Canada’s Public Land Could House 1 Million People
🤔 WTF of The Week
Read Time: 4 minutes
👷 Housing Construction Increases Unevenly Across Canada
Housing starts in Canada rose 8% in October to 240,761 units, up from 223,391 units in September.
The Prairie provinces saw a 27% increase in year-to-date housing starts, while the Atlantic provinces experienced a 31% rise.
Ontario and British Columbia saw an 18% and 11% decline in the year-to-date housing starts.
Montreal saw a 12% rise in year-to-date housing starts, reflecting recovery from low construction levels in 2023.
Why This Matters: Canada’s housing market continues to face an affordability crisis, and current construction levels remain insufficient to meet demand. This gap between supply and demand has significant implications for buyers, renters, and investors, as it could lead to sustained price increases and more considerable pressure on the rental market.
