The Canada Mortgage and Housing Corporation’s (CMHC) newly released data shows that the number of housing starts in Canada’s six largest metropolitan areas increased by only 1% over the first half of 2023 compared to the first half of 2022. Vancouver and Toronto dominated the housing starts, with 58% of the total being apartments, driven by strong rental activity in Toronto. Calgary’s housing starts remained steady at 8,106, with apartments accounting for over 50% of all starts. However, CMHC believes the pace of apartment starts will slow due to higher construction costs and higher interest rates.
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