Industry Lens: Residential Construction—August 2022

The Conference Board of Canada, August 11, 2022
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This report examines the short-and medium-term economic and profitability outlook for Canada’s residential construction industry.

Document Highlights

  • Although rising mortgage rates and a cooling resale market present near-term challenges for homebuilders, strong population growth will bolster long-term residential demand.
  • Homebuilders are still busy replenishing low stocks of completed and unsold units. The national volume of units under construction hit a record high in May.
  • Easing prices for lumber and slowing price growth for other construction inputs are cooling currently high growth in new home prices.
  • A shortage of tradespeople is possibly the industry’s biggest long-run threat.
  • Innovative techniques, including 3-D printing and prefabricated dwelling components, could help address such shortages by partially automating homebuilding.

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