Rental construction in Canada saw record levels in 2023, with a surge in new apartment units. However, despite this increase, demand continues to outpace supply, leading to high rental rates and increased household debt. Occupancy rates have dropped significantly in major cities like NYC and Washington DC, while markets in Miami, Dallas, and Austin remain stronger. Canadian households are facing challenges in paying bills, with a doubling in the number of working-aged Canadians finding it very difficult to pay bills since 2021. Ontario's home construction levels have risen but are still below the targeted 1.5 million units. The US saw a decrease in new apartment unit permits in 2023 compared to the previous year, with various metro areas showing declines in construction volumes due to multiple challenges faced by developers.
“In Ontario, we really haven’t seen much in the way of sort of positive housing reforms,” said housing expert Mike Moffatt, noting that Vancouver is doing better in building new homes than Toronto #cdnpoli #ParlCA https://t.co/wZzUdNMyoo
A surge in new apartment construction drove housing start increases in some major Canadian cities last year, but demand continues to outweigh supply, according to a report released Wednesday by the federal housing agency. https://t.co/S5anmjCxrI
“In Ontario, we really haven’t seen much in the way of sort of positive housing reforms,” said housing expert Mike Moffatt, noting that Vancouver is doing better in building new homes than Toronto #cdnpoli #cdnecon https://t.co/wZzUdNM0yQ
This seems fine >> Canadian Mortgage Delinquencies Surge, Up 135% In Ontario: Equifax Canadian households are struggling to manage their astronomical debt loans. That’s the warning from credit rating agency Equifax Canada, who noted a surge in both mortgage and non-mortgage…
Surge in apartment starts offset plunge in single-detached home builds in 2023, CMHC says https://t.co/ZKia93nCxz
Rental construction across Canada hit ‘record levels’ in 2023: CMHC https://t.co/zx9WswbMWY https://t.co/qC5IXxwUyI
Housing starts stable in 2023, but demand still outpaces growing supply of apartments https://t.co/hkF2LNXsF1
Number of Working-Aged Canadians Reporting that its “Very Difficult to Pay Bills” Has Doubled Since 2021 – Stats Can https://t.co/UNDVEoD5x3 https://t.co/JLQAsuWmeM
"Semi-surprising not to see larger drops in Phoenix and Austin -- the two markets arguably experiencing the most intense lease-up digestion challenges right now. The pair rank 2nd and 3rd for permits issued in the last year behind NYC" https://t.co/eWmBy9On0h
"Rental rates are not the real story here. The real story is occupancy rates," says @peebles_don. "Occupancy rates are down significantly. 40% is NYC. 50% in Washington DC. The only bright spots are places like Miami, Dallas, Austin where the markets are stronger." https://t.co/rph1h8KreT
Very high household debt service in Canada. https://t.co/rn7YOotcsf
Ontario home construction levels up, but still far off pace for 1.5M target https://t.co/aWahhqXAvY https://t.co/aRSeRSufDB
Nine thoughts on the latest multifamily permitting numbers: 1) Permitting volumes continue to trend down, down, down as developers hit a thick wall of headwinds: pricey debt, falling rents, fairly sticky construction costs, and fewer eager equity/debt partners. 2)… https://t.co/r1L6Jnu0ty
In 2023, the US permitted 507k new apartment units—down from a 35-year high of 636k in 2022 Here are the metro areas that built the most last year: 🗽NYC: 26k 🤠Dallas: 22k 🎸Austin: 21k 🌵Phoenix: 19k 📽️LA: 17k 🚀Houston: 17k 🌴Miami: 15k 🍑Atlanta: 14k 🌸DC: 12k 🗻Denver: 11k https://t.co/GYbC8foFNJ
Rent in Canada Surges 8.2% Over the Last Year, Canadians Lean on Debt and Food Banks https://t.co/16wMom2CVU
Rent in Canada Surges 8.2% YoY, Canadians Lean on Debt and Food Banks LINK: https://t.co/16wMom2CVU