Canada Mortgage and Housing Corp. reports a 2% increase in total housing starts for 2024 compared to 2023. While growth was driven by Alberta, Quebec, and Atlantic provinces, starts in Canada's six largest urban areas declined 3%. CMHC emphasizes the need for significantly higher housing supply to address affordability issues.
Canada Mortgage and Housing Corp. says the total number of housing starts in 2024 rose two per cent compared with 2023, helped by increased starts in Alberta, Quebec and the Atlantic provinces.
“Canada’s urban centres saw an uptick in housing starts in 2024 compared to last year, marking the third-highest year on record,” said CMHC chief economist Mathieu Laberge in a press release. It estimated last spring that Canada could be building up to 400,000 new housing units annually, based on current resources devoted to residential construction.
"Further declines in Ontario are likely on tap for this year, which, when combined with cooler population growth, points to a pullback in Canadian starts in 2025."
HOUSING STARTS CANADA AFFORDABILITY URBAN DEVELOPMENT CONSTRUCTION
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