Housing under construction in Canada has shown a consistent upward trend over the past decade. In 2023, the value stood at 405.35 thousand units, marking a significant growth compared to previous years. For the 2022-2023 period, the year-on-year growth rate was 7.22%, continuing the positive trend observed in recent years with a Compound Annual Growth Rate (CAGR) of 9.64% over the past five years.
Future projections indicate sustained growth, with the housing units under construction expected to reach 538.32 thousand by 2028. The forecasted five-year CAGR is 4.48%, which signals a steady, albeit slightly slower, growth rate compared to recent years. The forecasted five-year growth rate remains robust at 24.47%.
Future trends to watch for include potential impacts from shifts in economic conditions, changes in housing policies, and evolving demographic factors. Additionally, environmental considerations and sustainable construction practices may increasingly influence the market dynamics and overall housing development.
