CMHC Report for April shows that the Housing Starts once again exceeded Completions leading to further increase in "Housing under Construction." In fact, the rise in Housing under Construction has been higher up-to-date this year than last year.
Housing under Construction is now nearing 42,000 after another month of rise even though it is still lower than a year ago. With so many new builds yet to enter the market in an already buyer-friendly market, the excess inventory should continue to exert a downward pressure on the market value for foreseeable time.
Not surprisingly, the majority of the Housing Starts are from condo/apartment builds. Single detached homes and attached homes are being produced at typical average levels.
*** Source: CMHC
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