Canadian Housing Starts Rise 3% in January

On Monday, the Canada Mortgage and Housing Corporation (CMHC) reported that the total monthly seasonal adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 3% in January to 239,739 units, compared to 232,492 units in December.

Actual housing starts were up 7% year-over-year in centers with a population of 10,000 or greater, with 15,930 units recorded in January, compared to 14,883 in January 2024. The rural starts monthly SAAR estimate was 19,096 units.

According to CMHC, the six-month “trend” in housing starts declined 2.5% in January to 236,892 units. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas.

In a statement accompanying the report, CMHC Deputy Chief Economist Tania Bourassa-Ochoa said:

“Both the monthly SAAR and actual housing starts increased in Canada’s urban centers in January. This was primarily driven by an 8% increase in multi-unit starts, particularly purpose-built rentals concentrated in Quebec and British Columbia. While these increases show early signs of progress to begin the year, foreign trade risks add significant uncertainty for housing construction going forward. In our recently released Housing Market Outlook, CMHC projected housing starts to slow down from 2025 to 2027, mainly due to decreases in condominium apartment starts.”