Canadian Housing Starts Increase 8% in October

On Monday, the Canada Mortgage Housing Corporation (CMHC) reported that housing starts for all areas in Canada increased 8% month-over-month (240,761 units) to a seasonally adjust annual rate (SAAR) of 223,391 units in September.

The six-month trend in housing starts was flat in October at 243,522 units. The “trend” measure is a six-month moving average of the seasonally adjusted annual rate of total housing starts.

In Canada’s urban centers with a population of 10,000 or greater, there have been 188,567 actual housing starts year-to-date. This compares to 187,722 for the same period in 2023, meaning actual year-to-date housing starts are statistically unchanged so far this year. The rural starts monthly SAAR estimate was 17,650 units.

Commenting on the results of the report for October, CMHC Chief Economist Bob Dugan said:

“Actual year-to-date housing starts are similar to last year, but we continue to see higher activity in the Prairie provinces, Québec, and the Atlantic provinces, while Ontario and British Columbia have seen declines in all housing types. The increases in the monthly SAAR in Toronto and Vancouver are a promising sign for Ontario and British Columbia, as they drove the national SAAR increase in October. Despite these results, we remain well below what is required to restore affordability in Canada’s urban centers.”