{"id":18524,"date":"2021-09-08T11:11:00","date_gmt":"2021-09-08T18:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=18524"},"modified":"2021-09-02T09:28:25","modified_gmt":"2021-09-02T16:28:25","slug":"the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/","title":{"rendered":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction"},"content":{"rendered":"

More multi-dwelling homes are being built across Canada than normal, according to new research by the Royal Bank of Canada, but an impending flood of inventory shouldn\u2019t be anything to worry about.<\/p>\n

In a newly-published RBC Economics Canadian Housing Health Check report, the status of multi-residential projects under construction across the country were noted to be \u201csignificantly outside historical norms.\u201d This stands as a contrast to single-family dwellings and new home inventory for both multi- and single-family homes, which were categorized as \u201cwithin historical norms.\u201d<\/p>\n

With a record-high number of apartments under construction in Canada, the report highlights potential absorption risks over the medium term. However, senior RBC economist Robert Hogue pointed out that Canada\u2019s elevated levels of multi-residential dwellings under construction isn\u2019t necessarily a sign of overbuilding.<\/p>\n

\u201cIt\u2019s a response to low inventories in most markets,\u201d explained Hogue in the report. \u201cStill, it entails some absorption risks.\u201d<\/p>\n

The RBC report notes that most of the units being built are located in Toronto (27%), Vancouver (17%) and Montreal (14%). The country\u2019s condo building boom over the last 20 years largely reflects policy-induced market changes, such as limitations on urban sprawl, and the affordability of condo apartment housing types.<\/p>\n

As a result, condo building represents a market share gain against single-family homes. Hogue\u2019s report pointed out that strong apartment construction should be weighed against \u201csolid demand for lower priced housing options.\u201d<\/p>\n

The inventory of completed but unsold multi-unit homes is thin, the report stated, with levels falling to the lowest level in more than a decade on a per 1,000 population basis. The same can be said for single-detached units \u2014 with no signs of excess supply, unsold inventory is the lowest in two decades.<\/p>\n

The health of the housing market stands as a crucial component of the 2021 election as Canadians look to the government for relief from the country\u2019s chronic housing problems. In particular, resale property supply shortages continue to be named as one of the contributing factors behind Canada\u2019s soaring real estate prices and market competition.<\/p>\n

To address these problems, each of the three major political parties have focused their campaign housing platforms around boosting home inventory while implementing control measures such as taxation and foreign buyer policies.<\/p>\n

The Liberals are proposing to build, preserve or repair an additional 1.4 million homes across four years, while the Conservatives are promising to construct one million homes in the next three years. If elected, the NDP says it would create at least 500,000 units of affordable housing over the course of a decade, half of which within the next five years.<\/p>\n

RBC : High Levels of Multi-Residential Building Poses Some Risks<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

More multi-dwelling homes are being built across Canada than normal, according to new research by the Royal Bank of Canada, but an impending flood of inventory shouldn\u2019t be anything to … [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-18524","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nThe Potential Absorption Risks with A Record-High Number of Apartment Under Construction • 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\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"More multi-dwelling homes are being built across Canada than normal, according to new research by the Royal Bank of Canada, but an impending flood of inventory shouldn\u2019t be anything to … [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction\",\"datePublished\":\"2021-09-08T18:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/\"},\"wordCount\":455,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/\",\"name\":\"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction • Rory C Real Estate | Oakwyn Realty\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\"},\"datePublished\":\"2021-09-08T18:11:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2021\\\/09\\\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#website\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/\",\"name\":\"Rory C Real Estate | Oakwyn Realty\",\"description\":\"Rory C Real Estate Updates | Home Selling & Buying\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-CA\"},{\"@type\":[\"Person\",\"Organization\"],\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\",\"name\":\"Rory Clipsham\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"contentUrl\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\",\"width\":504,\"height\":504,\"caption\":\"Rory Clipsham\"},\"logo\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/RoryC-white-w-tagline.jpg\"},\"sameAs\":[\"http:\\\/\\\/www.roryc.ca\\\/\",\"https:\\\/\\\/www.facebook.com\\\/pg\\\/BurnabyandCoquitlamHomes\\\/about\\\/?ref=page_internal\",\"https:\\\/\\\/www.instagram.com\\\/roryclipshamhomes\\\/\",\"https:\\\/\\\/x.com\\\/RoryClipsham\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction • Rory C Real Estate | Oakwyn Realty","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/","twitter_card":"summary_large_image","twitter_title":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction • Rory C Real Estate | Oakwyn Realty","twitter_description":"More multi-dwelling homes are being built across Canada than normal, according to new research by the Royal Bank of Canada, but an impending flood of inventory shouldn\u2019t be anything to … [read more]","twitter_creator":"@RoryClipsham","twitter_site":"@RoryClipsham","twitter_misc":{"Written by":"Rory Clipsham","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/#article","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/"},"author":{"name":"Rory Clipsham","@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"headline":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction","datePublished":"2021-09-08T18:11:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/"},"wordCount":455,"commentCount":0,"publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"articleSection":["Market Updates"],"inLanguage":"en-CA","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/","url":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/","name":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction • Rory C Real Estate | Oakwyn Realty","isPartOf":{"@id":"https:\/\/www.roryc.ca\/blog\/#website"},"datePublished":"2021-09-08T18:11:00+00:00","breadcrumb":{"@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.roryc.ca\/blog\/2021\/09\/the-potential-absorption-risks-with-a-record-high-number-of-apartment-under-construction\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.roryc.ca\/blog\/"},{"@type":"ListItem","position":2,"name":"The Potential Absorption Risks with A Record-High Number of Apartment Under Construction"}]},{"@type":"WebSite","@id":"https:\/\/www.roryc.ca\/blog\/#website","url":"https:\/\/www.roryc.ca\/blog\/","name":"Rory C Real Estate | Oakwyn Realty","description":"Rory C Real Estate Updates | Home Selling & Buying","publisher":{"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.roryc.ca\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-CA"},{"@type":["Person","Organization"],"@id":"https:\/\/www.roryc.ca\/blog\/#\/schema\/person\/0672b9777e67473b9bd9247df49499c7","name":"Rory Clipsham","image":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","url":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","contentUrl":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg","width":504,"height":504,"caption":"Rory Clipsham"},"logo":{"@id":"https:\/\/www.roryc.ca\/blog\/wp-content\/uploads\/2019\/10\/RoryC-white-w-tagline.jpg"},"sameAs":["http:\/\/www.roryc.ca\/","https:\/\/www.facebook.com\/pg\/BurnabyandCoquitlamHomes\/about\/?ref=page_internal","https:\/\/www.instagram.com\/roryclipshamhomes\/","https:\/\/x.com\/RoryClipsham"]}]}},"_links":{"self":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/comments?post=18524"}],"version-history":[{"count":1,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18524\/revisions"}],"predecessor-version":[{"id":18526,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/posts\/18524\/revisions\/18526"}],"wp:attachment":[{"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/media?parent=18524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/categories?post=18524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.roryc.ca\/blog\/wp-json\/wp\/v2\/tags?post=18524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}