Canada Construction Market Overview
Canada's residential construction market is currently contracting, with housing starts of 240K in 2023 — 9% above the 10-year average of 221K.
The country's recorded peak was 271K units in 2021. Current activity is -11% below that peak.
Among the 21 OECD countries tracked, Canada ranks #8 by total housing starts. Year-over-year change is -8.1%, reflecting declining permits and reduced construction activity.
For contractors working in Canada: A contracting market may create opportunities to negotiate better material pricing or lock in subcontractor rates.