The Canada Mortgage and Housing Corporation (CMHC) said key housing starts dropped by 7% in 2023, according to Blacklock’s Reporter. “We need to tackle those challenges if we want to continue to benefit from the enormous economic opportunities that population growth can create,” said Housing Minister Sean Fraser at a press scrum. CMHC said housing starts in towns and cities with more than 10,000 people nationwide totalled 223,513 in 2023 compared to 240,590 in 2022, dropping by 7%. New construction of single-detached homes fell 25%. “We need to build the housing to accommodate population growth,” said Fraser. “I don’t think anybody needs a briefing note to understand that having more people in the housing market impacts the housing market.” CMHC determined the Canadian city with the largest drop in housing starts was Calgary (-51%). After Calgary was Quebec City (-40%). This was followed by Montreal (-37%); St. John’s, NL (-33%); and Fredericton (-23%). The city with the largest increase in housing starts last year was Halifax (42%). After Halifax was Vancouver (28%). This was followed by Regina (26%), Toronto (5%), and Victoria and Moncton (4%). CMHC said in a report in 2022 Canada requires 3.5 million new homes by 2030 on top of current construction levels to restore housing affordability. The target is equivalent to record-high construction of 741,000 each year until the end of the decade. CMHC CEO Romy Bowers said at a Senate National Finance Committee meeting on December 5 it did not know how it would meet its target. “There is not a plan,” said Bowers.“There are many factors that contribute to housing production, including things like interest rate trajectories, the availability of skilled labour, and local conditions that really impact housing delivery.”Fraser said on December 12 home construction in Canada is set to draw on a housing plan implemented in the Second World War as a solution to provide housing for its fast-growing population. READ MORE: Housing minister announces housing plan copied from WWII designed to speed up home constructionThe Canadian government has pushed mass immigration, bringing in about 500,000 people every year through approved channels and more illegal immigrants. He said Wartime Housing Ltd. will be making another appearance.
The Canada Mortgage and Housing Corporation (CMHC) said key housing starts dropped by 7% in 2023, according to Blacklock’s Reporter. “We need to tackle those challenges if we want to continue to benefit from the enormous economic opportunities that population growth can create,” said Housing Minister Sean Fraser at a press scrum. CMHC said housing starts in towns and cities with more than 10,000 people nationwide totalled 223,513 in 2023 compared to 240,590 in 2022, dropping by 7%. New construction of single-detached homes fell 25%. “We need to build the housing to accommodate population growth,” said Fraser. “I don’t think anybody needs a briefing note to understand that having more people in the housing market impacts the housing market.” CMHC determined the Canadian city with the largest drop in housing starts was Calgary (-51%). After Calgary was Quebec City (-40%). This was followed by Montreal (-37%); St. John’s, NL (-33%); and Fredericton (-23%). The city with the largest increase in housing starts last year was Halifax (42%). After Halifax was Vancouver (28%). This was followed by Regina (26%), Toronto (5%), and Victoria and Moncton (4%). CMHC said in a report in 2022 Canada requires 3.5 million new homes by 2030 on top of current construction levels to restore housing affordability. The target is equivalent to record-high construction of 741,000 each year until the end of the decade. CMHC CEO Romy Bowers said at a Senate National Finance Committee meeting on December 5 it did not know how it would meet its target. “There is not a plan,” said Bowers.“There are many factors that contribute to housing production, including things like interest rate trajectories, the availability of skilled labour, and local conditions that really impact housing delivery.”Fraser said on December 12 home construction in Canada is set to draw on a housing plan implemented in the Second World War as a solution to provide housing for its fast-growing population. READ MORE: Housing minister announces housing plan copied from WWII designed to speed up home constructionThe Canadian government has pushed mass immigration, bringing in about 500,000 people every year through approved channels and more illegal immigrants. He said Wartime Housing Ltd. will be making another appearance.
