Although construction increased during the pandemic, Canada’s housing supply shortage worsened in 2022, with inventories of unsold new homes falling to historic lows across the country.
In Ottawa, housing starts increased 7.9% to 11,032, an all-time high. As in Toronto, the total increase was spurred by a rise in apartment starts. For the first time in more than 20 years, the sector accounted for more than 50% of the total starts in the city. “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.
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