Affordability of newly constructed homes

While there has been a steady increase in new home construction, very little of this addresses the need from lower-income households. The chart below shows that average prices for newly completed single and semi-detached units increased 52% between 2016 and 2021. For row and condominium units, prices peaked near $450,000 in 2019 before dropping off to just under $400,000 in 2021.

* Recently completed and sold.

Source:  Canada Mortgage and Housing Corporation, Housing Market Information Portal.