Increased construction and financing costs, combined with a labour shortage are further hampering the push to clear the shortfall of Canada's housing stock.
That comes from the Canada Mortgage and Housing Corporation's first quarter report for 2023.
It says home ownership has become less affordable due to higher home prices, increased borrowing costs, inflation and elevated levels of household debt.
The agency says it saw a drop in its net income between Q1 2022 and Q1 2023 of $14 million.
It also notes the national mortgage arrears rate has increased by 0.01% to 0.28% from this time last year.