Housing starts mostly were down 16% in Canada during August, with a total of 245,791 units compared to July’s total of 293,537 units.
According to data from the Canada Mortgage and Housing Corporation (CMHC), actual housing starts were up 10% year-over-year in centers with a population of 10,000 or greater – a total of 18,408 units were recorded last month compared to 16,775 units in August 2024. The year-to-date total was 156,283, up 4% from the same period in 2024.
Among Canada’s big three cities, Vancouver recorded a 46% year-over-year increase in starts compared to the same month last year, driven by higher multi-unit and single-detached starts. Montreal posted a 32% year-over-year increase in actual housing starts, also driven by significantly higher multi-unit starts, while Toronto’s housing starts held steady year-over-year.
“It is worth noting that current housing starts levels are generally reflective of decisions made when interest rates were receding and investor confidence was higher than it is today,” said Kevin Hughes, CMHC’s deputy chief economist.
