According to data released by the Canada Mortgage and Housing Corporation on Friday, Canadian housing starts declined in August due to a downward revision to the number of starts in July. There is concern about a lack of housing supply.
The rate of multi-unit urban starts went down four per cent in August. The number of urban starts of single-detached homes rose.
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Despite the monthly decline, the six-month trend in housing starts remained positive, with the annualized moving average increasing in August from July
There was a decline in single-detached units in the city. Montreal recorded a decline in multi-unit starts that resulted in the overall decline for Canada.
There are concerns about a housing shortage in Canada. In order to improve affordability, Canada needs to build 3.5 million new homes by the year 2030.
Canada experienced double-digit population growth between 2006 and 2021, a trend that is expected to continue given the federal government's plan to bring in 1.2 million immigrants over the next five years. Demand is expected to be ahead of supply due to the rising number of new Canadians.
According to a recent report by RE/MAX Canada, housing inventory levels in major Canadian housing markets have dwindled over the past decade, with active listings in July running below the 10-year average.
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