New housing starts have struggled to keep up with population growth in some of Canada’s large cities
“Toronto prevails in the construction of high-rise apartment buildings with hundreds of units,” including those for rent or ownership, the CMHC said, noting that different types of buildings have different construction times and costs, which in turn influences affordability.
Though some of the increase was attributable to slower construction in the first year of the pandemic, declining inventories and strong demand also played a role in the expansion, the CMHC report said. Apartment construction was also active in Montreal, which registered its highest pace of housing starts in over three decades. The CMHC said prices and demand both accelerated.Article content
“This indicates that, despite a high number of housing starts, construction has not been sufficient to keep pace with population growth,” the housing authority said, noting that this situation “has certainly not helped reduce affordability problems” in Toronto and the surrounding area.
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