Ontario housing construction is in a slump, says RBC report

 

 

The Royal Bank of Canada report says there is no housing construction recession in Canada. However, Ontario, which has the highest number of residents in the country, is experiencing a housing recession, says the RBC report. The pace of housing construction in Canada is increasing, a new study shows.

This year has seen the strongest growth in the past four years. It continues to be strong in many parts of the country, according to the report prepared by the Royal Bank of Canada, which analyzed the latest figures from the Canada Mortgage and Housing Corporation (CMHC). While there was a boom in housing construction in other parts of the country, the report said that Ontario experienced a sharp decline. The decline was most pronounced in the Greater Toronto Area. This is worrying and will cause social and economic hardship for people in this region, says the report by RBC economist Robert Hogg. The report also states that the root cause of Canada's housing crisis is construction delays in Ontario.