Canadian housing markets are poised for tremendous growth later this year as expected interest rates cuts will put the sector into high gear. Strong population growth, coupled with ongoing supply deficits means there is a great deal of pent-up residential demand. Housing starts are anticipated to hit 245,300 units this year and that number will rise even higher in 2025.
But there are key areas of concern. Affordability is an on-going concern for many home-owners—carrying costs hit a new high in 2023. Municipalities continue to grapple with how to best create density and home builders still face labour shortages.
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