The annual pace of housing starts in August dropped 22 per cent compared to July.
The national housing agency said the seasonally adjusted annual rate of housing starts for August was 217,405 units, down from 279,804 units in July.

Meanwhile, actual housing starts are currently 5 per cent higher this year. In Canada’s urban centres with a population of 10,000 or greater, there were 149,922 actual housing starts between January and August, compared to 143,229 for the same period in 2023.

“Growth in actual year-to-date housing starts has been driven by both higher multi-unit and single-detached units in Alberta, Quebec and the Atlantic provinces,” CMHC’s Chief Economist Bob Dugan. “By contrast, year-to-date starts in Ontario and British Columbia have decreased across all housing types. As the housing shortage continues, higher levels of construction are needed to restore affordability in Canada’s urban centres.”

The monthly seasonally adjusted annual rate of total urban housing starts was 24 per cent lower. Multi-unit urban starts dipped by 29 per cent (154,290 units), while single-detached urban starts increased 3 per cent (45,188 units).

By location, on a year-to-date basis, actual starts are up 39 per cent in Montreal, showing some recovery from historically low new home construction in 2023.

In Vancouver, actual starts are down 20 per cent compared to 2023, which was a record high last year. In Toronto, actual starts are down 14 per cent from 2023, which was also a high year by historical standards.