Since the onset of the COVID-19 pandemic, many of Canada’s real estate markets have experienced significant price increases.
The study finds that, Canada-wide home prices were 28 per cent higher in February 2023 than in March 2020, despite falling from record high appreciation in early 2022.
Critically, “ground-oriented” single-family homes and townhouse prices increased by 31 per cent, compared with a 17 per cent increase among apartments over the same period.
Despite strong demand, ground-oriented housing completions declined during the 2010s, alongside a general national decline in housing completions compared to the 1970s.
“Not only is there a widespread shortage of housing, but there is a growing mismatch between the housing types being built and those preferred by Canadians,” said Josef Filipowicz, senior fellow at the Fraser Institute and study co-author.
“Clearly we should focus on the causes and consequences of this mismatch, as well as solutions for Canadians now and in the future.”
Media Contact:
Steve Lafleur, Senior Fellow, Fraser Institute
Josef Filipowicz, Senior Fellow, Fraser Institute
To arrange media interviews or for more information, please contact:
Drue MacPherson, Fraser Institute
drue.macpherson@fraserinstitute.org
