Canada’s Housing Market Stable, Ontario’s Slumps: New RBC Report
A construction worker passes a condominium site with a roll of cable in Toronto, on Oct. 8, 2021. Reuters/Chris Helgren
Canada’s housing boom is being dragged down by Ontario, where steep declines in new builds are threatening to worsen the affordability crisis, according to a new analysis from the Royal Bank of Canada (RBC).
While construction has surged in much of Canada, RBC’s report draws on information from the Canada Mortgage and Housing Corporation (CMHC) to conclude that Ontario is dragging down the nation’s numbers due to a sharp drop in new builds in the Greater Toronto Area (GTA).
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