Canadian Housing Starts Expected To Decline In 2024

As Canadian politicians, urban planners, and developers scream at the top of their lungs that the country needs more housing supply, the reality is that we still won’t see a notable uptick in housing starts this year. In fact, according to the latestreleased by the Canadian Mortgage and Housing Corporation , Canada’s housing starts are expected to decline in 2024. Not surprisingly, perpetually high interest rates are to blame.

While Canada’s homeownership dialled back the drama in recent years after a red-hot pandemic-inspired run, there are signs it’s coming back to life with the spring selling season. According to CMHC, both prices and sales are expected to rise in the home ownership market in 2024. In fact, the organization predicts that, by 2025, prices could reach peak levels recorded in early 2022 and surpass them in 2026, driven by high demand.

On the other hand, Calgary is expected to see strong supply growth as home construction responds to high demand and population growth. This demand pressure will also continue to tighten the rental market and increase resale market activity. Similarly, housing starts activity will remain strong in nearby Edmonton, something driven by strong economic conditions, while sales and home prices are expected to see modest growth.

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