According to a recent CMHC report, the pace of homebuilding across Canada, including the GTA, is slowing, with a 15% decrease in seasonally-adjusted annual housing starts in January. This decline marks the fourth consecutive month of downward trend, with the six-month moving average also dropping by 3.5%. Deputy Chief Economist Tania Bourassa-Ochoa cites trade and geopolitical uncertainty, high construction costs, weaker demand, and rising inventories as factors constraining developer activity. While actual housing starts in centres with a population of 10,000 or greater saw a slight 1% year-over-year increase, the overall outlook suggests a continued slowdown in new construction. With Prime Minister Carney’s ambitious goal to double housing construction, the current trends present a significant challenge. For more detailed insights, read the full article on BNN Bloomberg.
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