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Mortgage affordability flattened homebuying demand in Q1, highlighting importance of addressing restrictive mortgage rules to spur new supply

The Canadian Home Builders’ Association (CHBA) released its 2024 Q1 Housing Market Index (HMI) today, which showed a very negative builder sentiment for a seventh consecutive quarter, prior to the release of the federal budget. The HMI is a leading indicator about the health of the residential construction industry in Canada, and its ongoing lows were a continuing signal for poor housing starts ahead, and the need for change in government policy.

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