Esther Bongok Lee

Highlights from the April 2023 Housing Supply Report:

• Growth in residential construction was mixed across Canada’s 6 largest census metropolitan areas in 2022.
• Current new home inventories are at historic lows even though housing starts were strong during the pandemic.
• Housing starts increased in Toronto, Calgary, Edmonton and Ottawa. Starts were stable in Vancouver and decreased in Montréal.
• New research completed by the University of British Columbia using CMHC data shows that most housing starts were built in low-amenity neighbourhoods. Apartments, however, tend to be in high-amenity areas .
• As interest rates increased, homebuyer purchasing power dropped. Prices decreased slightly in most markets.
• Apartment construction – both purpose-built rental and condominiums – continued to grow.

https://assets.cmhc-schl.gc.ca/sites/cmhc/professional/housing-markets-data-and-research/market-reports/housing-supply-report/housing-supply-report-2023-04-en.pdf?rev=5558faea-840d-4a27-a9a3-c49e421abd1a