Canada’s house prices outpaced peers as supply lagged, CMHC says
Total number of dwellings around 2022 or latest year available
| Country | Dwellings per 1,000 inhabitants (2022 or latest) |
|---|---|
| France | 591 |
| Finland | 574 |
| Spain | 563 |
| Austria | 558 |
| Switzerland | 534 |
| Germany | 518 |
| Denmark | 508 |
| Norway | 494 |
| Japan | 492 |
| Sweden | 492 |
| OECD average | 468 |
| Netherlands | 454 |
| UK (England) | 441 |
| United States | 428 |
| Canada | 426 |
| Australia | 420 |
| Ireland | 417 |
| New Zealand | 396 |
Source: Canada Mortgage and Housing Corporation (CMHC)
Recent data suggest the gap has not closed. CMHC’s latest housing starts show the annual pace rose 3% in September to 248,896 units. But actual starts in centres of 10,000 or more fell 11% from a year earlier, to 19,984.
Ab Iorwerth said Canada still faces a long-term supply gap. Affordability gains since 2023 will be hard to sustain without more construction, the Canadian Press reported.
On the demand side, Statistics Canada estimates the population grew by about 80,000 in the second quarter, to roughly 41.8 million. The Bank of Canada held its rate at 2.25% on Sept. 2. Its next decision is Oct. 28.
A forthcoming CMHC review of 10 peer countries will examine how they scaled up construction. Themes include financial incentives, planning reform, construction innovation and public land use. Brokers tracking policy may find it useful for seeing where supply measures are headed.
CMHC cautions that countries define and collect housing data differently. The comparisons show broad trends, not precise rankings.
