Canadian Housing Starts Decline 13% in December

On Thursday, the Canada Mortgage and Housing Corporation (CMHC) reported that the seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 13% in December (231,468 units) compared to November (267,140 units).

In centers with a population of 10,000 or greater, starts totaled 16,531 in December, pushing the 2024 total up to 227,697. This compares to 223,513 for the same period in 2023, a 2% increase.

The six-month “trend” in housing starts was relatively flat in December at 242,637 units, down 0.7%. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas.

Total 2024 Starts

Nationally, housing starts in 2024 increased 2% in centers with a population of 10,000 or more, rising to 227,697 units from 223,513 in 2023.

Combined with an estimated 17,423 actual rural housing starts, the total for all areas in 2024 was 245,120, also up 2% compared to 2023. This increase is primarily explained by historically high rental construction levels and overall increased starts in Alberta, Québec, and the Atlantic provinces, CMHC said.

The six largest Census Metropolitan Areas (CMAs) saw a combined 3% year-over-year decrease from 2023, driven by fewer starts in Vancouver, Toronto, and Ottawa where multi-unit starts fell due to weak pre-construction condominium sales. Calgary, Edmonton, and Montréal saw higher starts activity in 2024—particularly in the multi-unit segment, driven by high rental starts.