07:05 AM EDT, 08/20/2024 (MT Newswires) -- Canadian housing starts remain elevated, thanks to construction

of less expensive multiple-unit dwellings, said Bank of Montreal (BMO).

However, the flip side is that what most families really want -- a detached home -- is too expensive in large parts of Ontario and British Columbia (BC) and is in increasingly short supply relative to a growing population, noted the bank.

After inflation, spending on new construction of detached homes in June fell to its lowest level since at least 2017.

In fact, it's just half the level of seven years ago. That won't help affordability, even if population growth slows, stated BMO.