2024 Canadian Modular Construction Industry Report
The Modular Building Institute
Industry Trends
The report highlights a significant shift in housing trends, noting a stable number of new housing starts at around 140,000 units, with a marked transition from single-family homes to apartment complexes. This trend was most pronounced in Vancouver, Calgary, and Toronto, whereas Montreal and Edmonton saw a decline in overall apartment construction. The top three markets for 2024-25, as forecasted by Construct Connect, are multifamily, healthcare, and educational facilities, combining for an estimated CAD 33-35 billion annually.
Report Summary
MBI’s collaboration with the Canada Mortgage Housing Corporation (CMHC) has been pivotal since 2018, facilitating the revision of underwriting guidelines to better support modular projects. This collaboration has resulted in more than CAD 13.8 billion in new funding for affordable housing in Canada.
In summary, the MBI 2024 report underscores the significant role of modular construction in Canada's housing market, backed by strong economic performance, strategic government initiatives, and an increasing shift towards multifamily housing and other high-demand sectors.
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