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 apartments — despite demand still outpacing supply for rental housing.
"We ended up being positively surprised by 2023. We were really quite concerned that higher interest rates were going to really have an impact," said ab Iorwerth. The agency continued to warn about the need to ramp up housing construction to address affordability gaps and significant population growth in Canada.
While high interest rates have cooled demand for home purchases, as many buyers stayed on the sidelines last year, the impact was not only reflected by the decline of single-detached starts. Ab Iorwerth said higher rates also make it less attractive to build new rental structures. Of the six cities examined, Vancouver, Calgary and Toronto saw growth in their total starts, driven by new apartment construction reaching record highs.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
February housing starts increased 14% from January: Canada Mortgage and Housing CorpOTTAWA — The pace of home construction rose in February as builders started on more apartments and condos, but the industry continues to struggle under cost pressures. Canada Mortgage and Housing Corp.
Source: SooToday - 🏆 8. / 85 Read more »
February housing starts increased 14% from January: Canada Mortgage and Housing CorpOTTAWA — The pace of home construction rose in February as builders started on more apartments and condos, but the industry continues to struggle under cost pressures. Canada Mortgage and Housing Corp.
Source: BurnabyNOW_News - 🏆 14. / 77 Read more »
February housing starts increased 14% from January: Canada Mortgage and Housing CorpOTTAWA — The pace of home construction rose in February as builders started on more apartments and condos, but the industry continues to struggle under cost pressures. Canada Mortgage and Housing Corp.
Source: PGCitizen - 🏆 65. / 51 Read more »
February housing starts increased 14% from January: Canada Mortgage and Housing CorpOTTAWA — The pace of home construction rose in February as builders started on more apartments and condos, but the industry continues to struggle under cost ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
February housing starts increased 14% from January: Canada Mortgage and Housing CorpCanada Mortgage and Housing Corp. says the annual pace of housing starts in February climbed 14 per cent compared with January.
Source: CTVNews - 🏆 1. / 99 Read more »