CMHC reports annual pace of housing starts in Canada slowed in March
Construction of new homes picked up in several of Canada's major cities last year, said the Canada Mortgage and Housing Corp. (CMHC), but the agency foresees a slowdown as interest rates weigh on building costs.
Growth in residential construction was mixed across six key areas the CMHC studied in 2022, but the bulk saw more shovels hit the ground, the national housing agency said in its annual housing supply report released Wednesday.
Housing starts -- a measure of when construction on homes begins and a key indicator of how Canada is addressing housing supply gaps -- increased in Toronto, Calgary, Edmonton and Ottawa, CMHC said.
In Toronto alone, housing starts rose 7.7 per cent last year to reach their highest level since 2012, as strong presales spurred higher condominium apartment construction.
Residential construction set a new record in Ottawa as the city further densified. CMHC found 2022 was the first time in more than 20 years that apartment starts accounted for more than 50 per cent of total housing starts in the city.
However, housing starts remained unchanged in Vancouver and decreased in Montreal.
"In some centres, seasonally adjusted housing starts began moving lower at the end of 2022 and early 2023," said Francis Cortellino, senior specialist for housing market analysis at CMHC.
"The higher interest rate environment will likely slow construction activity in more centres in 2023."
Yet demand for housing remains high.
Even with the COVID-19 pandemic triggering more construction, inventories of new and unabsorbed homes -- homes that are done being built but not yet sold -- are currently at historic lows. CMHC warned that might make it harder for people to access housing.
The housing supply report was released the same day as CMHC published monthly housing start numbers that showed the annual pace of housing starts in March fell 11 per cent compared with February.
The seasonally adjusted annual rate of housing starts in March came in at 213,865 units, down from 240,927 in February.
Meanwhile, the annual rate of urban starts in the month fell 12 per cent with 192,545 units.
The annual rate of multi-unit urban starts fell 11 per cent to 151,769 for March, while the pace of single-detached urban starts fell 16 per cent to 40,776.
The annual rate of rural starts was estimated at 21,320 units for the month.
The six-month moving average of the monthly seasonally adjusted annual rate was 240,669 in March, down six per cent from 254,658 in February.
This report by The Canadian Press was first published April 19, 2023.
Shopping Trends
The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.
YOUR FINANCES
Overspent in December? Here's how to battle the January blues, according to experts
You may be able to minimize the doldrums of January with some planning and other steps to turn things around, financial experts say.
Here's what will cost Canadians more in 2024, according to experts
Wondering what kind of impact the new year will have on your wallet? Here's what experts predict will cost you more in 2024.
opinion
opinion Tips for teaching your kids about money management
In today’s fast-paced financial world, the adage “knowledge is power” is especially true when it comes to teaching our kids about money.
Budgeting for a cross-country move takes preparation and flexibility
Interprovincial migration has been gaining ground in Canada since the pandemic began in 2020 as more people chase home affordability. Experts say it's important to plan moves carefully.
opinion
opinion The worst retirement planning mistakes you should avoid, according to an expert
In his personal finance column for CTVNews.ca, Christopher Liew highlights some of the worst -- and most common -- retirement planning mistakes to avoid, so that your retirement is as financially secure and comfortable as possible (Getty Images)
Beware costs and logistics of at-home chargers before buying an electric car
It's a simple yet important routine for so many Canadians - plugging in their cellphones and smartwatches before bed to ensure they're fully charged in the morning. Increasingly, there's another item to add to the list: the car.
Statistics Canada says household debt-to-income ratio lower in Q3, service costs up
Statistics Canada says the amount Canadians owe relative to their income edged lower in the third quarter, but the cost of servicing that debt relative to income climbed higher.
Retailers facing pricing pressure may have to pass increases to shoppers: Dollarama
If domestic manufacturers and suppliers keep pushing their prices up on food and several household goods, Dollarama Inc.'s chief executive says retailers will have no choice but to pass the increases on to customers.
CTVNews.ca Top Stories
BREAKING
BREAKING Israeli strike in Lebanon kills senior Hamas official Saleh al-Arouri: security sources
Senior Hamas official Saleh al-Arouri was killed on Tuesday night in an Israeli drone strike on Beirut's southern suburbs of Dahiyeh, three security sources told Reuters.
Czechia scores late to eliminate Canada from world juniors
Jakub Stancl scored his second goal of the game with 11.7 seconds left in third period as Czechia survived a blown 2-0 lead to defeat Canada 3-2 and advance to the semifinals at the world junior hockey championship on Tuesday.
Tim Hortons reveals which three doughnuts will join Dutchie in returning to menu
Tim Hortons has revealed which three retro doughnuts will join the Dutchie in returning to its menu next week.
Planes catch fire after a collision at Japan's Haneda airport, killing 5. Hundreds evacuated safely
A passenger plane and a Japanese coast guard aircraft collided on the runway at Tokyo's Haneda Airport on Tuesday and burst into flames. Transport Minister Tetsuo Saito confirmed that all 379 occupants of Japan Airlines flight JAL-516 got out safely before the plane was entirely engulfed in flames.
Canadian couple lives on cruise ships — with no plans to return to land
With 75 countries and territories visited, a retired Canadian couple is making the most of life as they cruise full-time, from coast to coast. They're part of a growing trend of people opting to retire at sea.
Ancient skeletons buried in shoes and jewels discovered during building work
A two-year dig to install a solar power plant near Rome has unearthed an ancient Roman necropolis containing 67 skeletons buried in 57 ornate tombs.
Who was Seven? How investigators solved the cold case of a missing person with no memory
Police specializing in missing people and cold cases have discovered the identity of a woman with no memory in one of the most unusual investigations the sheriff's office has pursued and one that could change state law.
Weight-loss drugs: Who, and what, are they good for?
Extraordinary demand, and high prices, for powerful weight-loss drugs will keep them out of reach in the coming year for many patients who are likely to benefit.
Woman who fell out of Edmonton city bus dies
A woman who fell out of an Edmonton city bus Friday has died, police said in a media release issued Monday.
Canada
-
19-year-old dies in officer-involved shooting: Winnipeg police
Manitoba's police watchdog agency is looking into a fatal officer-involved shooting in Fort Richmond Sunday afternoon.
-
Woman who fell out of Edmonton city bus dies
A woman who fell out of an Edmonton city bus Friday has died, police said in a media release issued Monday.
-
Canadians across country celebrate New Year's Day with polar bear swim
Thousands of people across Canada shrieked, shivered and smiled their way into a new year on Monday as they took part in the long-standing tradition of Jan. 1 polar bear dips.
-
Here are some of the new laws and rules coming into effect in Canada in 2024
From tougher bail rules to a new dental care plan, a range of new measures are taking effect across Canada in 2024, aiming to address human rights, public safety, health and other concerns.
-
No Canadians reported hurt, missing after Japan quakes, GAC says
No Canadians have been reported injured or missing following the 7.6-magnitude earthquake that struck the west coast of Japan's main island on Monday, according to Global Affairs Canada (GAC).
-
Sudbury man dies after falling through the ice on Onwatin Lake
Sudbury police say a 60-year-old man from of the community of Hanmer has died after venturing onto the ice of Onwatin Lake.
World
-
Hong Kong media tycoon behind Apple Daily pleads not guilty to sedition and collusion charges
Prominent activist and publisher Jimmy Lai on Tuesday pleaded not guilty to three charges of sedition and collusion with foreign countries in a landmark national security trial in Hong Kong.
-
Israel says it will defend itself against genocide accusations at world court
Israel will defend itself before the United Nation's top court against charges that it has engaged in genocide of Palestinians in Gaza, officials said Tuesday, a rare engagement with the world body, which Israel often denounces as biased against it.
-
A missing person with no memory: How investigators solved the cold case of Seven Doe
Police specializing in missing people and cold cases have discovered the identity of a woman with no memory in one of the most unusual investigations the sheriff's office has pursued and one that could change state law.
-
Russian missiles hit Ukrainian cities, killing 5 and injuring almost 100, Kyiv officials say
Ukraine's two largest cities came under attack from Russian hypersonic ballistic missiles on Tuesday morning, killing at least four people and injuring almost 100, officials said.
-
Powerful earthquakes leave at least 55 dead, destroy buildings along Japan's western coast
A series of powerful earthquakes that hit western Japan have left at least 55 people dead and damaged thousands of buildings, vehicles and boats. Officials warned Tuesday that more quakes could lie ahead.
-
What will happen to Oscar Pistorius when he is released from jail?
Former Paralympic star Oscar Pistorius will be released from prison on Friday after he was granted parole nearly 11 years after killing his girlfriend Reeva Steenkamp.
Politics
-
Amid push for foreign registry, many say other measures needed to fight interference
For more than a year, Canada has been mulling the creation of a foreign agent registry to fight interference in the country's democratic processes. Some say it doesn't belong in the toolbox at all.
-
Singh urges solidarity, respect amid heightened fear in Jewish and Muslim communities
Federal New Democrat Leader Jagmeet Singh says Canadians can and must do better as hate crimes increase during the Israel-Hamas war.
-
Senior military leader: Canadians 'overly comfortable' as global security shifts
Looking ahead to 2024, the commander of the Canadian Joint Operations Command said he thinks the pressure will continue to mount, and Canadians are "overly comfortable" about their safety as the world changes.
Health
-
Weight-loss drugs: Who, and what, are they good for?
Extraordinary demand, and high prices, for powerful weight-loss drugs will keep them out of reach in the coming year for many patients who are likely to benefit.
-
Powdered baby formula recalled over deadly bacteria
Enfamil is recalling its Nutramigen A+ LGG Hypoallergenic Infant Formula over possible bacterial contamination with Cronobacter sakazakii.
-
Low-cost, plant-based drug may help you quit smoking more effectively than nicotine replacement therapy, study shows
A new study shows a low-cost plant-based drug may be more effective than nicotine replacement therapy for people trying to quit smoking.
Sci-Tech
-
Researchers find new way to identify water and potential life on exoplanets
An international team of researchers, including those from MIT and the University of Birmingham, have discovered a new way to determine whether exoplanets are habitable or potentially inhabited.
-
Eclipse excitement: N.B. communities in 'path of totality' plan for perfect view in 2024
New Brunswick communities along the path of this spring’s total solar eclipse are already getting ready for the big day on Monday, April 8, 2024.
-
U.S. military space plane blasts off on another secretive mission expected to last years
The U.S. military's X-37B space plane blasted off Thursday on another secretive mission that's expected to last at least a couple of years.
Entertainment
-
Ex-gang leader makes his bid in Las Vegas court for house arrest before trial in Tupac Shakur case
A former Los Angeles-area gang leader charged with killing hip-hop music icon Tupac Shakur in 1996 in Las Vegas plans to ask a judge on Tuesday to release him to house arrest ahead of the trial in June.
-
'Wonka' ends the year No. 1 at the box office, 2023 sales reach US$9 billion in post-pandemic best
Hollywood closed out an up-and-down 2023 with 'Wonka' regaining No. 1 at the box office, strong sales for 'The Color Purple' and an overall US$9 billion in ticket sales that improved on 2022's grosses but fell about US$2 billion shy of pre-pandemic norms.
-
Ashes of Vancouver 'Star Trek' fan set to go to space alongside famous stars
Gloria Knowlan never dreamt of boldly going where no one had gone before and was content to leave the journey to the 'Star Trek' actors she came to love, but 12 years after her death, her family has ensured the final frontier will be her ultimate resting place.
