Housing construction in Toronto is lagging behind other major Canadian cities, according to a new report from the Canada Mortgage and Housing Corporation (CMHC).
Toronto saw a five per cent increase in housing starts last year compared to 2022, but that was outpaced by cities like Vancouver (28 per cent) and Calgary (13 per cent), both of which saw more significant upticks.
For housing expert Mike Moffatt, the year-over-year data is somewhat skewered by how good Toronto’s numbers were in 2022, but he emphasized that continued inaction from the provincial government will cause Ontario’s capital to fall further behind other metropolitan areas.