Housing Starts in Canada – All Areas. (CNW Group/Canada Mortgage and Housing Corporation)
Although Canada’s total monthly seasonally adjusted annual rate (SAAR) of housing starts was flat in June, that didn’t prevent growth in both the six-month trend, as well as in year-over-year actual starts, reports Canada Mortgage and Housing Corporation (CMHC).
While June’s monthly SAAR was relatively unchanged at 283,734 units, the six-month trend in housing starts increased by 3.6 per cent last month, with the moving half-year SAAR average coming in at 253,081 units.
There was good news in actual housing starts as well, jumping up 14 per cent year-over-year in centres with a population of 10,000 or greater. There were 23,282 units recorded in June, versus the 20,509 units reported in June 2024 in those centres. The year-to-date total starts figures were up as well, rising four per cent from the same period in 2024 to come in at 114,411 units.
Despite the rising numbers, CMHC’s tone was somewhat muted as it provided some analysis and context with the numbers.
“Through the first six months of the year, national housing starts have increased marginally compared to 2024, however, new home construction varies significantly across Canada. Quebec and the Prairie provinces have accelerated the pace of construction for single-detached homes and purpose-built rentals,” advised Kevin Hughes, CMHC’s deputy chief economist. “By contrast, weak condo market conditions in Toronto and Vancouver have contributed to declines in overall housing starts in these regions.”
Among Canada’s big three cities, Vancouver recorded a 74 per cent increase in starts this month, driven by higher multi-unit starts. Montreal posted a year-over-year decrease of eight per cent in actual housing starts compared to June 2024, driven by fewer multi-unit starts. And a decrease in multi-unit starts drove a 40 per cent year-over-year decrease in Toronto’s housing starts.
