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Highlights from the October 2022 Housing Supply Report:
- Following a boom in 2021, housing starts in the country's 6 largest CMAs fell 5% in the first half of 2022. The decrease in apartments was the main cause of this decline.
- Housing starts were mixed across Canada’s largest urban centres. Housing starts in the first half of the year were up in Edmonton, Calgary and Toronto. Declines were seen in Vancouver, Ottawa and Montréal.
- On an annualized basis, however, housing starts in the first half of 2022 remained high when compared to the level of construction completed over the past 5 years.
- Increases in construction costs and materials shortages were felt across markets. This impacted construction times and affordability.
- The effects of rising interest rates and construction costs could continue to impact housing starts in the coming months.
- Rental construction was generally resilient (except for Toronto), due to the strong demand for rental housing. The higher interest-rate environment meant that developers took a more cautious approach to start new condominium apartment projects.
The Housing Supply Report provides updated data and analysis on new housing supply in Canada’s major cities and urban areas. These insights are released bi-annually and help us to better understand supply responsiveness that contributes to price escalation and housing affordability challenges.
The analysis identifies characteristics, approaches and innovations in new housing supply that will best contribute to a supply of housing that is:
- diverse
- abundant
- affordable
These insights allow industry participants to understand the gaps between housing supply trends and future needs. This will help make informed decisions to help improve housing affordability.
Future editions will be enhanced with even more indicators and analysis.
Our Starts and Completions Survey is the primary data source for this report. The survey collects data on monthly residential construction activity.
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