Industry Lens: Residential Construction—April 2021

The Conference Board of Canada, April 19, 2021
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This online report examines the short-and medium-term economic and profitability outlook for Canada’s residential construction industry.

Document Highlights

  • Low mortgage rates, the increased appeal of properties in outlying areas, and strong population growth are colliding to create strong residential demand, suggesting a decent outlook for this industry.
  • Homebuilders are busy replenishing low stocks of completed and unsold units, particularly singles and apartments. The volume of units under construction is near a record high in many cities.
  • Construction firms face high and rising prices for lumber—often a house’s biggest input. 
  • A shortage of tradespeople presents a longer-run threat for the industry.
  • Builders have endured stagnant productivity in recent years, but more use of digital technology and prefabricated dwelling components could provide future boosts.

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