Surge in apartment starts offset plunge in single-detached home builds in 2023, CMHC says [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
The number of single-detached homes being built in Canada's big metropolitan areas plunged in 2023, even though overall starts were down only slightly, according to housing supply data released Wednesday by Canada Mortgage and Housing Corp. CMHC's report on new housing construction trends in Canada's six largest census metropolitan areas (CMAs) — Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montreal — found that housing construction dropped by 0.5 per cent compared to 2022, with a total of 137,915 units started. Article content Article content While apartment construction surged by seven per cent to a record high of 98,774 units, the gains were offset by a decline in ground-oriented homes, with single-detached starts falling by 20 per cent. The findings suggest that building single-detached homes is becoming a challenge for developers. “Ground-oriented homes, especially single-detached properties, have become increasingly unaffordable for homebuyers. The share of co
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