The path toward solving Canada’s housing supply crisis hit a speed bump in June. According to new data from the Canada Mortgage and Housing Corp. (CMHC), the annual pace of housing starts dipped six per cent last month, falling to 238,971 units from 253,083 in May. For those watching the Greater Toronto Area market, this deceleration is particularly concerning as the region continues to grapple with a chronic supply-demand imbalance.
While the six-month moving average of starts also slipped by 2.8 per cent, there were minor glimmers of progress. Units under construction in larger urban centres saw a marginal increase of 0.2 per cent, and completions rose by 8.4 per cent to 18,298 units. However, with the pipeline of approved-but-not-started projects shrinking by 1.1 per cent, the momentum needed to boost inventory remains fragile. To understand what this volatility means for future housing inventory, read the full report at BNN Bloomberg.
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