Canada’s recent real estate price boom is creating a lot of incentive for development. Canada Mortgage and Housing Corporation (CMHC) data show housing under construction jumped in Q4 2019. The number of homes currently being built across Canada is now at the highest level since… uh, ever.

Canada Has Never Build This Much Housing At The Same Time Before

Canada has never built more housing at the same time. There were 274,829 units under construction in Q4 2019, up 2.82% from the previous quarter. This represents an increase of 7.40% from the same quarter a year before. The current peak is a little over 30% higher than any other previous peak.

Canadian Homes Under Construction

The number of housing units under construction across Canada.

Source: CMHC, Better Dwelling.

Ontario Hasn’t Built This Many Homes Since 1973

Ontario represents the largest segment of the units currently under construction. The province represents 118,576 of the units in Q4 2019, up 2.33% from the previous quarter. Units under construction are up a whopping 8.77% from the same quarter a year before. The previous peak for housing under construction was all the way back in 1973.

Ontario Homes Under Construction

The number of housing units under construction across Ontario.

Source: CMHC, Better Dwelling.

B.C. Has Over 47% More Houses Under Construction Than Any Other Period

British Columbia also represented a decent chunk of units currently being built. The province represented 65,941 housing units under construction, up 2.39% from the previous quarter. Compared to a year before, this is an 8% increase. Currently, the number of units under construction is over 47% higher than any other previous peak.

BC Homes Under Construction

The number of housing units under construction across BC.

Source: CMHC, Better Dwelling.

Canada’s recent real estate price boom spurred a lot of investment into construction. The country is now building more units than it ever has. Most of this supply won’t be hitting the market in the near term, but when it does – it’s going to relieve a lot of pressure for prices to move higher.

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