Canada Housing and Mortgage Corporation's bi-annual report reveals a 4% increase in housing starts across major cities in the first half of 2024, totaling 68,639 units. However, Metro Vancouver experienced a decline due to slow sales and high financing costs, with population-adjusted starts dropping from 58.0 to 45.6 per 10,000 population. The decrease was mainly in condominium construction, while rental unit starts remained stable. Developers favored low- and mid-rise buildings, and construction durations reached an all-time high of 20.4 months.
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