AGENT LICENSE ID
M20003478
BROKERAGE LICENSE ID
13205
![Frank Tu Mortgage Agent, Level 2](https://agentphotos.mortgageweb.ca/16260_profile.png)
Frank Tu
Mortgage Agent, Level 2
Office:
Phone:
Email:
Address:
Unit 413 - 1650 Elgin Mills Road E, Richmond Hill, Ontario
CMHC Housing Supply Report
5/10/2023
Highlights from the April 2023 Housing Supply Report:
- Growth in residential construction was mixed across Canada’s 6 largest census metropolitan areas in 2022.
- Current new home inventories are at historic lows even though housing starts were strong during the pandemic.
- Housing starts increased in Toronto, Calgary, Edmonton and Ottawa. Starts were stable in Vancouver and decreased in Montréal.
- New research completed by the University of British Columbia using CMHC data shows that most housing starts were built in low-amenity neighbourhoods. Apartments, however, tend to be in high-amenity areas .
- As interest rates increased, homebuyer purchasing power dropped. Prices decreased slightly in most markets.
- Apartment construction – both purpose-built rental and condominiums – continued to grow.