Main Conclusions

• Canada-wide, home prices are 28% higher since the start of the COVID-19 pandemic, despite recent declines.
• “Ground-oriented” single-family home and townhouse prices increased by 31%, compared with a 17% increase in prices for apartments over the same period.
• Despite strong demand, ground-oriented housing completions declined during the 2010s, alongside a general decline in housing completions since 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 many Canadians.
• Further research should focus on the causes and consequences of this mismatch, as well as solutions.