More homes for Canadians
New home construction in Canada hit a record high in March.
Following the real estate market demand figures, data on the number of properties delivered for March 2021 was published. These figures surpassed all expectations and it became incomprehensible how with such a pace it was still not possible to settle the growth of house and apartment prices in Canada.
The annual rate of construction rose to 335,200 properties last month, exceeding analysts' expectations by 85,000 units. Such figures have not been achieved in the entire history of the country. At the same time, the volume of construction increased 21.6% compared to February, which was also a record.
Most of the increase came from multiple urban launches, which jumped 33.8% to 222,358 units. Freestanding urban construction grew by 3.6% to 78,615 units.
The imbalance of supply and demand in the real estate market and the continuation of price increases is still unclear. According to Canadian developer companies, more than 100,000 properties are vacant and delivered on the market.
Experts agree that the real estate market will stabilize in June 2021, when new mortgage stress test conditions come into effect. Taken together, the increased level of development in Canadian cities and changes in mortgage rates should finally settle the property price boom in Canada.
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