Housing Starts Collapse After Eight Years | Dec 16, 2023
Affordable housing simply doesn’t exist in most of our cities, and the cost of rent is pushing Canadians over the edge. Despite this, Trudeau’s own Canadian Mortgage and Housing Corporation (CMHC), revealed today that housing starts have plunged.
According to the CMHC, the monthly SAAR of total housing starts for all areas in Canada decreased by 22 percent in November. This was particularly bad in Ontario (38 percent), Quebec (30 percent), British Columbia (36 percent), and Prince Edward Island (49 percent). This massive decline in housing starts means the cost of rent or a mortgage will only go up for Canadians across the country.
In our major cities, the situation is even worse.
Total SAAR housing starts were down 30% in Montreal and 39% in both Toronto and Vancouver. Toronto is already ranked as having a major housing bubble, and Vancouver is the third most unaffordable housing market. The unaffordability crisis will only get worse if Trudeau fails to build more homes.
Only common sense Conservatives have a plan to build more homes instead of more bureaucracy and bring homes that Canadians can actually afford.