Canada's slowing home building is bad news for buyers and Trudeau

as it seeks to lower inflation but also a problem for Prime Minister Justin Trudeau who has vowed to improve housing affordability.

A slowdown in residential construction "is absolutely at odds with plans for the supply of housing to increase to keep step with immigration", said Randall Bartlett, senior director of Canadian economics at Desjardins. "When combined with the surge in demand as a result of immigration, this lackluster supply will put further upward pressure on prices," Bartlett said.

Coupled with higher mortgage rates, a recovery in home prices would make it more costly for Canadians to buy homes, an issue opposition Conservative Party leader Pierre Poilievre has already pounced on.

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