OTTAWA — The pace of home construction rose in February as builders started on more apartments and condos, but the industry continues to struggle under cost pressures.
"As the national housing shortage continues, the focus for developers continues to shift towards multi-unit construction in Canada’s major centres,” said Bob Dugan, CMHC’s Chief Economist, in the release. The pace falls short of the more than 277,000 starts Canada was seeing on a six-month trend in late 2022, before rising interest rates hit borrowing costs and created recession concerns.
"In the first two months of Q1, housing starts are below their fourth quarter level, suggesting some potential downward pressure on residential investment growth in the first quarter," he said.
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