Houses are pictured in Vancouver, B.C on Thursday April 4, 2024.
Canada’s housing market saw a two per cent increase in the number of new homes in construction in 2024.Condos are pictured in Vancouver. Canada’s housing market saw a two per cent increase in the number of new homes constructed in 2024. Canada's housing market saw a modest increase in the number of housing starts, or new home construction, in 2024.
"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 news release. The increase is primarily driven by rental construction and growth in specific provinces, suggesting that other housing types and regions are not keeping pace with demand.In centres with a population of 10,000 and over, Alberta saw a 32 per cent and Quebec a 26 per cent increase, while Ontario is down by 16 per cent and British Columbia by nine per cent.
CMHC says Canada will require an additional 3.5 million housing units by 2030, on top of the 2.3 million already projected to be built, to restore affordability to levels seen in 2004.As Canada struggles with a severe housing shortage and affordability crisis, some companies hope to speed up construction with AI and robots that can cut building times in half.
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