Higher interest rates in 2023 resulted in 30,000 fewer housing starts

OTTAWA, ON, Oct. 3, 2024 /CNW/ - How can Canada build its way out of housing supply challenges to improve affordability? With rising demand and interest rates throwing a wrench in construction plans, the answer is far from simple. In fact, CMHC modelling suggests higher interest rates resulted in 30,000 fewer housing starts in 2023.

In his latest article, CMHC Deputy Chief Economist, Aled ab Iorwerth, analyzes the impact of interest rates on all different types of housing and explores the crucial role of the private sector in driving housing supply.

Aled ab Iorwerth - CMHC Deputy Chief Economist (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

You can read the full article in the CMHC Housing Observer:

In 2023, higher rates resulted in 30,000 fewer housing starts 

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SOURCE Canada Mortgage and Housing Corporation (CMHC)

For more information: CMHC Media Relations, [email protected]