Housing starts across Canada rose by 16 per cent to 279,509 units, up from 241,643 units in June, according to the latest data from Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts also saw an increase of 3.2 per cent, moving from 247,840 units in June to 255,783 units in July. This trend measure is a six-month moving average of the SAAR (seasonally adjusted annual rate) for total housing starts across all regions in Canada.
Urban centres in Canada with populations of 10,000 or more have seen 132,823 starts year-to-date (January to July) in 2024, representing a 7.5 per cent increase compared to the 123,593 starts during the same period in 2023.
“Both the SAAR and Trend of housing starts increased in July,” said Bob Dugan, CMHC’s Chief Economist. “This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Calgary and Ottawa. As the national housing shortage continues, developers remain focused on multi-unit construction in Canada’s major centres.”
The monthly SAAR of total urban (centres 10,000 population and over) housing starts was 17 per cent higher at 261,134 units recorded. Multi-unit urban starts increased 21 per cent to 217,306 units, while single-detached urban starts increased 2 per cent to 43,828 units.
In Montreal, actual year-to-date starts between January and July 2024 are up 47 per cent from the same period last year, showing some recovery from a historically low year for new home construction in 2023.
In Vancouver, actual starts are down 18 per cent in 2024 compared to 2023, but CMHC notes that 2023 was a record year for new home construction in the region.
In Toronto, actual year-to-date starts are down 9.5 per cent when compared to the same period in 2023.
Click here for more: Monthly Housing Starts and Other Construction Data Tables | CMHC (cmhc-schl.gc.ca)
