Canada’s housing starts led by new apartments in Vancouver and Toronto

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.