TD Bank has issued a paper, Canadian Housing: Navigating Challenges, analyzing the Canadian housing market. Unsurprisingly, it says that multiple interest rate increases from the Bank of Canada have depressed housing prices and, consequently, listings. However, there was good news in terms of the degree of housing starts currently occurring.
“Even with multi-year highs in borrowing costs and persistent labour shortages, builders have been able to sustain a pace of housing starts that is roughly 20 percent above pre-pandemic levels and near multi-decade highs,” the report says. However, the report gives national numbers, while observing that Quebec housing starts, in particular, are “retrenching.”