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Canada Has Never Had More Homes Under Construction At The Same Time

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Date of placement 2019-06-12 17:20
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Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high. Canadian Real Estate Under Constructio

Better Dwelling | Canada's Fastest Growing Real Estate Blog

Canada has a lot of housing in the works. CMHC numbers show construction of new houses in the county’s largest cities picked up in May. The increase puts the number of homes being built at an all-time record high.

Canadian Real Estate Under Construction Has Never Been Higher

Residential real estate under construction in Canada’s largest cities reached a record. There were 228,984 units under construction in May, up 0.97% from the month before. This represents an increase of 3.58% from last year. The annual pace of growth is picking up, and the total active construction is a new record.

Canadian Homes Under Construction

The number of homes under construction in Canadian CMAs.

Source: CMHC, Better Dwelling.

Toronto Real Estate Under Construction Just Under Peak

Toronto real estate under construction is just off the record high. There were 71,779 homes under construction in May, down 1.33% from the month before. This represents a 4.59% increase compared to the same month last year. The all-time high was in April, so the city is only slightly down from that number. Still, the city is seeing construction moving faster than the average Canadian city.

Toronto Homes Under Construction

The number of homes under construction in Toronto CMA.

Source: CMHC, Better Dwelling.

Vancouver Real Estate Under Construction Reaches All-Time High

Vancouver real estate under construction reached a new record high. There were 43,964 homes under construction in May, up 4.97% from the month before. This represents an increase of 0.01% from the same month last year. The new record was barely above last year’s high, but it did beat it. Just in time for resales to reach multi-year lows.

Vancouver Homes Under Construction

The number of homes under construction in Vancouver CMA.

Source: CMHC, Better Dwelling.

Montreal Real Estate Under Construction Hits New High

The number of homes being built in Montreal also reached a record high. There were 29,308 homes under construction in May, up 1.19% from last year. This represents a 12.13% increase compared to the same month last year. The new record is more than 60% higher than the median pace of units under construction over the past decade. It’s a huge boom.

Montreal Homes Under Construction

The number of homes under construction in Montreal CMA.

Source: CMHC, Better Dwelling.

The vast majority of homes under construction are apartments, so they take awhile. Multi-family housing takes a long time to build, and a longer time to plan. Most of the demand for the housing currently under construction was made years ago. Softer pre-sales in Toronto and Vancouver are likely to soften future activity. Vancouver is already beginning to postpone the launch of new units.

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