Housing starts in Canada – All areas. (CNW Group/Canada Mortgage and Housing Corporation)
Both the six-month trend in housing starts and actual starts made good gains in September, reports Canada Mortgage and Housing Corporation (CMHC). The trend measure, a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada, increased by more than four per cent, coming in at 277,147 units.
Pacing those gains were actual housing starts, which were up 19 per cent year-over-year in centres with a population of 10,000 or greater, with 22,375 units recorded in September, compared to 18,806 units in September of 2024. Year-to-date, starts were up five per cent compared to the same period in 2024, sitting at 178,033 units in September.
The total monthly SAAR of housing starts for all areas in Canada was also up, rising 14 per cent over the August figures, and coming in at 279,234 units.
Among Canada’s big three cities, Montreal and Toronto posted 135 per cent and 112 per cent year-over-year increases in actual housing starts respectively, both driven by significantly higher multi-unit starts. Vancouver recorded a one per cent decrease in starts this month.
“The six-month trend in housing starts was pushed higher in September, driven by significantly higher monthly starts in Ontario, Quebec and the Prairie provinces. Notably, Montreal and Toronto were responsible for more than a quarter of the total monthly starts nationally, primarily due to increased rental apartments starts,” said Tania Bourassa-Ochoa, CMHC’s deputy chief economist. “While these results indicate some resilience, it is worth noting that current housing starts levels are generally reflective of decisions made months or even years ago when investor confidence was higher than it is today.”
