Canada: Residential construction on track for another record year - NBF

Krishen Rangasamy, Research Analyst at NBF, suggests that Canada’s residential construction is on track for another record year as at least that’s the message from CMHC whose data shows urban housing starts averaging a massive 204K at seasonally adjusted annual rates in the first half of 2018.

Key Quotes

“Multiple units (e.g. condos) now account for more than 70% of urban starts, with builders seemingly responding to land constraints and demand for affordable housing.”

“Changing demographics also seem to be a factor in the trend towards the construction of multis. In Quebec for instance multis now account for 86% of urban starts, with construction tilting towards rental units which include housing for seniors.”