The GTA saw a slight increase in housing starts, driven largely by condos, but only because of a lag in the impact of interest rates locally, according to the latest figures from the Canada Mortgage and Housing Corporation (CMHC).
“We’re just not seeing the supply built that we need,” said economist Mike Moffatt, blaming higher interest rates and a weak economy. “And it’s a real problem.”
Actual annual housing starts were down seven per cent across the country in 2023 compared to 2022, to 223,513, but were up five per cent in the GTA to 47,428.
