{"id":17857,"date":"2021-05-10T10:10:00","date_gmt":"2021-05-10T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=17857"},"modified":"2021-05-09T12:40:18","modified_gmt":"2021-05-09T19:40:18","slug":"housing-supply-boost-hasnt-been-able-to-keep-pace-with-demand","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/05\/housing-supply-boost-hasnt-been-able-to-keep-pace-with-demand\/","title":{"rendered":"Housing Supply Boost Hasn’t Been Able to Keep Pace with Demand"},"content":{"rendered":"

Canadian housing starts hit 273,664 in March, up from 252,636 a month earlier, but the enhanced activity still hasn\u2019t been able to keep pace with voracious demand.<\/p>\n

\u201cThe national trend in housing starts increased in March, reflecting very elevated levels of activity in January and March 2021,\u201d said Bob Dugan, CMHC’s chief economist. \u201cMulti-family SAAR [Seasonally adjusted annual rates] starts rebounded strongly following decline in February, with Toronto and Vancouver registering particularly large gains in this segment.\u201d<\/p>\n

The CMHC data noted that\u2019s a 21.6% increase from 275,567 in February, however, even the infusion of supply couldn\u2019t prevent home prices from rising as quickly as they have.<\/p>\n

According to a report from TD economist Omar Abdelrahman, the multi-family category provided the majority of the new supply\u2014urban starts increased by 33.8% to 222,400 units\u2014while urban single-detached starts rose by 3.6%t o 78,600.<\/p>\n

Abdelrahman also noted that Ontario and British Columbia comprised the lion\u2019s share of starts, with increases of 130,700 and 71,200 units, up from 90,100 and 45,200, respectively, in February.<\/p>\n

Quebec, Canada\u2019s second-most populous province, saw a decline in housing starts, dropping to 83,600 units in March from 91,500 a month earlier, although that could be explained by the province\u2019s strict COVID-19 protocols that include months-long curfews.<\/p>\n

In the first quarter of the year, there were 307,700 housing starts in Canada, jumping from 239,700 in Q4-2020. TD believes the increased investment in the country\u2019s housing market will grow Canada\u2019s GDP, although it did not provide figures.<\/p>\n

The boost in housing supply hasn\u2019t tempered the country\u2019s runaway housing prices. A research paper from RBC Economics demonstrated that housing price growth has been most acute in the country\u2019s smaller housing markets, notably in Ontario and British Columbia. In Ontario, year-over-year price gains topping 30% were present in 75% of the province\u2019s markets, while 20% saw prices increase north of 40%.<\/p>\n

\u201cSoaring prices are poised to attract more sellers in the coming month… New listings rose back-to-back to a new record high of 1 million units (seasonally adjusted and annualized) in March. It\u2019s just that they haven\u2019t increased enough to meet demand and ease demand-supply conditions in a material way. These conditions still put pricing power squarely in the hands of sellers practically everywhere in Canada.”<\/p>\n

Ravenous Demand for Housing Nullifies Supply Boost<\/a> by Neil Sharma | Canadian Real Estate Wealth<\/p>\n","protected":false},"excerpt":{"rendered":"

Canadian housing starts hit 273,664 in March, up from 252,636 a month earlier, but the enhanced activity still hasn\u2019t been able to keep pace with voracious demand. \u201cThe national trend … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-17857","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nHousing Supply Boost Hasn't Been Able to Keep Pace with Demand • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2021\/05\/housing-supply-boost-hasnt-been-able-to-keep-pace-with-demand\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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