Record rental construction drives housing starts in Canada’s largest cities

By Aled ab Lorwerth, Deputy Chief Economist
Canada Mortgage and Housing Corporation
September 26, 2024
Category: Finance & Economics
Region: Canada

OTTAWA – Total housing starts in the six largest census metropolitan areas (CMAs) rose by 4% in the first half of 2024 (68,639 units) compared to the same period in 2023 (65,905), driven by significant increases in Calgary, Edmonton, and Montréal. This according to the latest Housing Supply Report (HSR) by Canada Mortgage and Housing Corporation (CMHC), which examines new housing construction trends in Canada’s six largest CMA’s: Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montréal. …Developers continued to focus on multi-unit apartment buildings at historically high levels, as the 49,172 apartment starts in the first half of 2024 made up 72% of all new home construction in the six CMAs. Construction of rental housing, supported by many government incentives and policies, made up the highest share of apartment starts on record (47%) and over one third of total housing starts.

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