Newly built homes add, of course, to the supply of homes available to buyers. And it appears that home construction in Canada is on the upswing.
For all of 2021, construction is projected to begin on as many as 230,000 new homes in Canada, up from a little over 217,800 in 2020, according to the Canada Mortgage and Housing Corp. (CMHC). Even more homes could get underway in 2022 (as many as 234,500) and 2023 (231,900).
“Housing starts will stabilize at levels consistent with household formation by the end of 2023,” according to CMHC.
What does it mean for you?
More newly built homes coming on the market could mean an opportunity for buyers, as construction boosts the supply of available properties and eases the strain on demand. Bottom line: An influx of new homes may open more doors to homeownership. We can give you a hand in locating a new or existing home that fits your budget and your needs.