The Canada Mortgage and Housing Corp. says construction of new homes in Canada's six largest cities remained stable at near all-time high levels last year, driven by a surge of new apartment starts despite demand still outpacing supply for rental housing. New homes are built in Ottawa on Monday, Aug. 14, 2023. THE CANADIAN PRESS/Sean KilpatrickThe Canada Mortgage and Housing Corp.
But that was offset by declines in the number of new single-detached homes, which fell 20 per cent year-over-year, due to weaker demand for higher-priced homes in an elevated mortgage rate environment. Of the six cities examined, Vancouver, Calgary and Toronto saw growth in their total starts numbers, driven by new apartment construction reaching record highs.
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