Canadian Housing Starts Soar in April

On Thursday, the Canada Mortgage and Housing Corporation (CMHC) reported that the total seasonally adjusted annual rate (SAAR) of housing starts across all areas in Canada rose 30% in April to 278,606 units, up from 214,205 in March.

Actual housing starts in urban centers with populations of 10,000 or more totaled 21,720 units in April, an increase of 17% from 18,539 units in April 2024. CMHC noted that this represents the highest level of actual housing starts for the month of April on record. However, the year-to-date total stands at 67,022 units, down 2% from the same period in 2024.

The six-month trend in housing starts, which reflects a moving average of the SAAR for total starts across Canada, rose 2.4% to 240,905 units.

Other key data include the following:

• The monthly SAAR for urban centers (population 10,000 or greater) increased 28% to 259,788 units, up from 202,668 in March.
• The estimated monthly SAAR for rural starts was 18,818 units.
• Montreal posted a 64% year-over-year increase in actual housing starts in April, driven primarily by more multi-unit developments.
• Vancouver recorded a 6% year-over-year increase, also attributed to higher multi-unit starts.
• Toronto, by contrast, saw a 25% year-over-year decline in starts, largely due to a decrease in multi-unit construction.