Canadian Housing Starts Decline in January 2022

According to data released today (2-15-22) by Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts declined in January 2022 to 254,133 units, down from 261,352 units in December 2021. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

The standalone monthly SAAR of total housing starts for all areas in Canada in January was 230,754 units, a decrease of -3% from 238,405 units in December. The SAAR of total urban starts decreased by -5% to 204,428 units in January. Multiple urban starts decreased by -9% to 144,332 units, while single-detached urban starts increased by 7% to 60,096 units. Rural starts were estimated at a seasonally adjusted annual rate of 26,326 units.

In a statement prepared for the January housing trend report, Bob Dugan, CMHC’s Chief Economist said, “On a trend and monthly SAAR basis, the level of housing starts activity in Canada remains historically high; however, the six-month trend in housing starts was lower from December to January. For SAAR housing starts in Canada’s urban areas, single-detached starts were higher, while multi-family starts declined in January. Among Montreal, Toronto and Vancouver, Montreal was the only market to post growth in total SAAR starts in January, due to higher single-detached and multi-family starts.”

As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers, and the housing industry.