Canadian housing starts were on the rise in October, according to new data from the Canada Mortgage and Housing Corporation (CMHC).
The total monthly seasonally adjusted annual rate (SAAR) of housing starts 240,761 units in October, an 8% rise from September’s total of 223,391 units. Within the nation’s urban centers (defined as localities with a population of 10,000 and higher), housing starts was 6% higher with 223,111 units. The rural starts monthly SAAR estimate was 17,650 units.
On a year-to-date measurement, Canada’s urban centers recorded 188,567 actual housing starts– statistically unchanged from the 187,722 for the same period in 2023.
“Actual year-to-date housing starts are similar to last year, but we continue to see higher activity in the Prairie provinces, Quebec and the Atlantic provinces, while Ontario and British Columbia have seen declines in all housing types,” said CMHC Chief Economist Bob Dugan. “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.”
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