In 2023, housing completions in Canada stood at 220.28 thousand units, showing a very slight year-on-year increase of 0.15%. Over the past two years, the variation highlights a peak in 2021 with a 12.03% increase from the previous year, followed by a minor decrease of 1.23% in 2022. The five-year CAGR for 2023-2028 is projected at 0.09%, indicating steady but very modest growth. Throughout the last five years, the CAGR stood at 1.92%, reflecting a relatively stable, if slow, upward trend in housing completions.
Looking forward, key trends to watch include:
• Impact of governmental policies on housing supply and affordability.
• Influence of macroeconomic factors such as interest rates and employment levels on housing demand.
• Urbanization trends and their potential to concentrate housing completions in major cities.
• Innovations in construction technologies that may accelerate completion rates.
