Regional gain in new housing construction in 2024 amid declines in major cities [Video]

Canada’s housing market saw a modest increase in the number of housing starts, or new home construction, in 2024.

Canada Mortgage and Housing Corporation (CMHC) says housing starts totalled 245,120 last year, up from 240,267 a year earlier. The number of starts rose two per cent compared to 2023.

“Canada’s urban centres saw an uptick in housing starts in 2024 compared to last year, marking the third-highest year on record,” said CMHC chief economist Mathieu Laberge in a news release.

While the two per cent increase shows some progress, it falls significantly short of the level needed to address Canada’s housing affordability challenges and meet the estimated construction capacity, according to Laberge.

The increase is primarily driven by rental construction and growth in specific provinces, suggesting that other housing types and regions are not keeping pace with demand. 

In centres with a population of 10,000 and over, Alberta saw a …