Canada could see more than 80,000 construction-related job losses.
Calgary's rental vacancy rate for purpose-built rental units fell from 5.1 per cent to 2.7 per cent.
Vancouver's rental vacancy rate was just 1.2 per cent.
In April, the average price for a home in Canada hit $723,500.
Housing prices increased 111 per cent in Toronto and 82 per cent in Vancouver.
Between 2010 and 2019, home prices increased by 111 per cent in Toronto and 82 per cent in Vancouver.
In some Canadian cities, housing costs grew more than 50 per cent faster than incomes.
Housing unit completions in B.C. have remained relatively flat over the last decade.
High housing costs and long commutes can discourage workers from moving to cities such as Toronto.