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Construction crews work on Main Street Centre in Dartmouth in this undated photo. (Source: government of Nova Scotia)

Inflation and growth slows in Canada: CMHC

By Jacob Moore May 6, 2024 | 2:55 PM

Canada’s inflation rate eased, and growth slowed down in 2023, says the Canada Mortgage and Housing Corporation.

Inflation declined to 3.4 per cent in December 2023 from the peak of 8.1 per cent in June 2022

Growth slowed down in 2023. GDP grew about 1 per cent, compared to the growth of 3.8 per cent in 2022.

“Canada’s housing challenges are serious, complex and urgent, but they are solvable. I am optimistic that our country is united in facing them with strength and resolve” writes Michel Tremblay, acting president and CEO of CMHC, in a news release.

The Canada Mortgage and Housing Corporation says their income, prior to income taxes, decreased by about 9 per cent, or $168 million, in 2023.

That’s mostly because housing assistance spending decreased by about $210 million, or 111 per cent, compared to 2022, according to a news release from the CMHC.

Other highlights from 2023 include:

  • 134,707 housing units were created, with 272,169 units repaired or committed.
  • 31 per cent of funding went to housing for women and children.
  • Homeowner insurance products helped people buy more than 48,000 homes.
  • 15,742 affordable units were built for people experiencing or at risk of homelessness, including 6,239 for Indigenous people.
  • The Housing Accelerator Fund allocated $2.5 billion to cut red tape and build 68,092 housing units.
  • Cities and communities across the county have signed 179 agreements under the Housing Accelerator Fund to build more than 750,000 homes in the next decade.