Rental construction across Canada hit ‘record levels’ in 2023: CMHC
Global News
In six markets, Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal, condo construction starts reached historic highs, with 57,121 units in 2023.
The construction of purpose-built rentals and condominiums hit “record levels” in 2023, data from the Canada Mortgage and Housing Corporation released on Wednesday shows.
According to the CMHC’s Spring 2024 Housing Supply Report, purpose-built rental construction in six major markets combined to hit record levels in 2023. Rentals also accounted for a historically high average share of new construction starts.
“In recent years, purpose-built rentals have constituted a larger share of apartments breaking ground, averaging 42 per cent in 2023,” the report said. Edmonton had the highest share of rentals among new constructions at 80 per cent.
“In Toronto, where condominium apartments still dominate, the rental share increased to over a quarter,” it added.
In the six markets, Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal, condo construction starts also reached historic highs, with 57,121 units in 2023. The report said this was because condo developers were able to sell pre-construction condos in 2021 and 2022.
“During that period, pre-construction investors were particularly encouraged by rapidly increasing rents, price appreciation and the record-low interest rates on the market,” it read.
However, the CMHC is projecting a slowdown in condo construction starts in 2024 due to reduced pre-construction sales in 2023 and increased borrowing costs.
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