Canadian housing and construction market strong
The number of homes being constructed in Canada hit a 29 year high last month, according to the Canada Mortgage and Housing Corporation (CMHC).
According to the CMHC, housing starts are up almost 20% to 278,200 new units. Much of the growth in the housing market has come from multiple-unit dwellings in Canada’s big cities, especially condominium construction.
Thanks to the strength of the Canadian economy, many more people can afford to buy their first homes - especially young workers to and newcomers to Canada. The economic strength and growth in the construction industry has meant more people are choosing to buy affordable condominiums and multi-unit dwellings rather than rent a home.
The growth is good news for Canada, as it demonstrates that Canadian real-estate seems to be weathering the storm currently rocking the American housing market.