While the housing crisis in Quebec continues, housing starts are increasing, according to a May report from the Canada Mortgage and Housing Corporation (CMHC).
Thus, we recorded 4,940 construction starts last May, a 150% increase compared to May 2023. The growth in Gatineau (over 300%) was more staggering than in Montreal (200%) and Quebec (118%).
Overall, 561 individual homes and 4,379 housing units were started last month, compared to 388 and 1,587 for the same period last year.
“Homebuilders continue to prioritize the construction of multi-family homes in Canada's major centres. After two consecutive months of declines, the seasonally adjusted and annualized number and trend for housing increased in May,” said CMHC Chief Economist Bob Dugan.
According to him, this month's figures can be explained specifically by a “significant increase in collective housing starts, especially in Montreal and Quebec.”
“While this is good news for housing supply, we expect housing starts to moderate towards the end of 2024,” he said.
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