this post was submitted on 28 Mar 2024
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This is the best summary I could come up with:
The report from Canada Mortgage and Housing Corporation focuses on six major cities: Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa.
We were really quite concerned that higher interest rates were going to really have an impact," said CMHC deputy chief economist Aled ab Iorweth.
Toronto, Vancouver and Calgary all saw an increase in total housing starts boosted by record-high levels of apartment construction.
Montreal, meanwhile, saw a 35 per cent decline in apartment starts due to higher financing and construction costs — its lowest level in eight years, according to CMHC.
But low vacancy rates and a rapid increase in the cost of rent have indicated that demand is outpacing supply for these types of properties.
The agency continued to warn about the need to ramp up housing construction to address affordability gaps and significant population growth in Canada.
The original article contains 335 words, the summary contains 136 words. Saved 59%. I'm a bot and I'm open source!