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Rental construction across Canada hit ‘record levels’ in 2023: CMHC

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In six markets, Vancouver, Calgary, Edmonton, Toronto, Ottawa and Montreal, condo construction starts reached historic highs, with 57,121 units in 2023.

The construction of purpose-built rentals and condominiums hit “record levels” in 2023, data from the Canada Mortgage and Housing Corporation released on Wednesday shows.

“In recent years, purpose-built rentals have constituted a larger share of apartments breaking ground, averaging 42 per cent in 2023,” the report said. Edmonton had the highest share of rentals among new constructions at 80 per cent.

 

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