{"id":23604,"date":"2024-04-03T11:11:00","date_gmt":"2024-04-03T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=23604"},"modified":"2024-03-22T09:58:13","modified_gmt":"2024-03-22T16:58:13","slug":"canadian-builders-play-catch-up-as-housing-starts-surge-14-m-m","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/04\/canadian-builders-play-catch-up-as-housing-starts-surge-14-m-m\/","title":{"rendered":"Canadian Builders Play \u201cCatch Up\u201d, as Housing Starts Surge 14% M\/M"},"content":{"rendered":"<p style=\"text-align: justify;\">Canadian homebuilding started the year on a sluggish note, with housing starts slipping 10% between December and January. But February more than made up for that decline.<\/p>\n<p style=\"text-align: justify;\">According to figures put out Friday by Canada Mortgage and Housing Corporation (CMHC), starts for all areas across the country shot up 14% last month (on a seasonally adjusted basis) with 253,468 units breaking ground.<\/p>\n<p style=\"text-align: justify;\">This helped to prop up the six-month trend in starts to 245,665 units in February, translating to a slight 0.4% gain on a month-over-month basis.<\/p>\n<p style=\"text-align: justify;\">CMHC also reported that starts across urban centres \u2014 characterized as those with populations of at least 10,000 \u2014 saw an annual rise of 11% to 17,495 units in February. The year-over-year increase was driven \u201csolely\u201d by higher multi-unit starts, which were up 16%, said CMHC. Meanwhile, single-detached starts fell 14% in the month.<\/p>\n<p style=\"text-align: justify;\">\u201cFebruary\u2019s actual housing starts were 10% and 82% higher year over year in Toronto and Vancouver, respectively, because of higher multi-unit starts, while single-detached starts decreased. Montreal\u2019s actual starts decreased 9%, as both housing segments were lower,\u201d the government agency also revealed.<\/p>\n<p style=\"text-align: justify;\">Considering the tepid starts activity reported in the month prior, some economists have indicated that February\u2019s reading is encouraging, with TD\u2019s Rishi Sondhi calling it a \u201cbounce back\u201d and Desjardins\u2019 Kari Norman saying that the numbers are proof that the Canadian housing market \u201ccontinues to forge ahead.\u201d However, Right at Home Realty President John Lusink urges Canadians to keep expectations at bay; he worries that February\u2019s figures give a \u201cfalse\u201d sense of the state of the country\u2019s homebuilding sector.<\/p>\n<p style=\"text-align: justify;\">\u201cWe are just so far short of being able to satisfy real demand,\u201d Lusink tells STOREYS. He adds that February\u2019s reading may have more to do with the weather \u2014 which has been unusually conducive to construction \u2014 than the health or heartiness of the building sector.<\/p>\n<p style=\"text-align: justify;\">\u201cI also think there&#8217;s also been quite a catch-up leftover from COVID when there were months of supply chain issues and delays,\u201d Lusink says. \u201cCondos especially have been boosted by the whole investor segment on the pre-con side.\u201d<\/p>\n<p style=\"text-align: justify;\">Meanwhile, on the low-rise side, Lusink reckons the slide in starts has a lot to do with affordability (or lack thereof) and the remarkably sluggish year we&#8217;ve just had for home sales.<\/p>\n<p style=\"text-align: justify;\">\u201cI think developers who had projects on the books and were ready to go, as they began to see these numbers dwindling \u2014 and of course, buyers backing out and not being able to qualify \u2014 they pulled developments off the market,\u201d he says. \u201cAnd then, of course, we\u2019ve unfortunately had some pretty significant builders claim bankruptcy. So, overall, it&#8217;s been a rough haul for the builders.\u201d<\/p>\n<p style=\"text-align: justify;\">And Lusink fears that there&#8217;s more toughness to come: \u201cUntil builders can find ways to bring their product to market without incurring such significant costs, supply is going to be really challenged in low-rise residential especially.\u201d<\/p>\n<p><a href=\"https:\/\/storeys.com\/canadian-housing-starts-surge-february\/\" target=\"_blank\" rel=\"noopener\">Canadian Housing Starts Surge 14% In February as Builders Play \u201cCatch Up\u201d<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian homebuilding started the year on a sluggish note, with housing starts slipping 10% between December and January. But February more than made up for that decline. According to figures &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/04\/canadian-builders-play-catch-up-as-housing-starts-surge-14-m-m\/\">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":[8,27,13],"tags":[],"class_list":["post-23604","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Builders Play \u201cCatch Up\u201d, as Housing Starts Surge 14% M\/M &#8226; 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\/2024\/04\/canadian-builders-play-catch-up-as-housing-starts-surge-14-m-m\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Builders Play \u201cCatch Up\u201d, as Housing Starts Surge 14% M\/M &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Canadian homebuilding started the year on a sluggish note, with housing starts slipping 10% between December and January. 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