New Home Starts Drop by 7 Percent Across Canada, Missing Target for Housing Affordability

National housing starts have experienced a seven percent decline over the past year, according to a recent report by the Canada Mortgage and Housing Corporation (CMHC). The drop is significant in the context of Housing Minister Sean Fraser’s commitment to accelerate the pace of home construction, as first covered by Blacklock’s Reporter. Data shows a reduction in housing starts in urban areas with populations exceeding 10,000, dropping from 240,590 to 223,513. The decline encompasses various types of new construction, including condominiums and apartments. Particularly notable is the 25 percent decrease in the construction of single detached homes. The latest figures follow Mr. Fraser’s Jan. 22 comments to reporters during a three-day cabinet meeting, during which he emphasized the importance of new construction for housing affordability and underscored the relationship between population growth and housing market dynamics....