Housing starts up slightly in some urban areas—for now

Canada Mortgage and Housing Corp. data for the first half of 2023 shows an uptick in new home construction for several major cities during the period. The increase, however, is slight, and largely on the strength of the multi-family sector. The Crown corporation warns that factors like higher building and borrowing costs will likely put a damper on the pace of homebuilding. Housing starts were up in just two of the six cities CMHC reviewed (Toronto and Vancouver) over the comparable period of 2022.