Canadian Housing Starts Rise 9.4% in November

On Monday, the Canada Mortgage and Housing Corporation (CMHC) reported that the seasonally adjusted annual rate (SAAR) of housing starts rose 9.4% in November to 254,058 units, compared with 232,245 units in October.

Year-over-year, actual housing starts in centers with populations of 10,000 or greater declined 3% to 21,870 units in November, down from 22,501 units a year earlier. The year-to-date total reached 219,077 units, up 4% from the same period in 2024.

The rural starts monthly SAAR estimate was 20,485 units.

The six-month “trend” in housing starts fell 1.7% in November to 264,445 units. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.

Commenting on the report, CMHC Deputy Chief Economist Kevin Hughes said:

“Both the six-month trend and actual starts fell in November, showing signs of slowing momentum in residential construction. This was driven by lower monthly starts in Ontario, BC, and Alberta. However, on a year-to-date basis, starts are still elevated compared to last year and remain on pace to surpass the 2024 total. Regional differences are driving this outcome, with Ontario and BC below their 2024 housing starts levels, while the Prairie provinces, Québec, and the Atlantic provinces have all pushed national year-to-date starts higher.”