Housing starts rate slowed in January to its lowest since 2020, according to data from Canada Mortgage and Housing Corporation. Read on
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Seasonally adjusted annualized figures from the Canada Mortgage and Housing Corporation released Feb. 15 show starts declined 13 per cent to 215,365 units compared to December’s pace of 248,296 units. The six-month trend in starts also declined for the month, off four per cent from December.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The decline comes amid growing concern that a chronic housing supply shortage has driven up real estate prices and rents to unaffordable levels in recent years. In June, the CMHC projected Canada would need to build 3.5 million additional housing units by 2030 to make housing affordable for all — a target that would require the pace of housing starts to more than double from its current level. Subsequent research from the agency showed such an increase would be impossible because of labour market constraints.Article content
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