Real Estate Developers: What Did Their 2017 Look Like?
Sunday Jan 14th, 2018
Construction started on 219,675 units, according to 2017 data released by Canada Mortgage and Housing Corporation earlier this week. That’s up from 197,916 in 2016 and the most since 2007. Starts on multiple-unit projects such as condos hit a record in figures dating to 1955.
Last year was a blockbuster year for Canada’s real estate developers after work began on the most homes in a decade amid soaring demand nationwide.
The boom has surprised policy makers and analysts, most of whom began the year predicting the industry would be a drag on the economy. It reflected fundamental drivers such as a buoyant economy and rising population.