Canadian housing starts in April dipped by 1% from March, according to new data from the Canada Mortgage and Housing Corp. (CMHC). Last month’s seasonally adjusted annual rate (SAAR) of housing starts totaled 240,229 units last month, compared to 242,267 in March.
Canada’s urban centers (with populations of 10,000 and higher) saw a 9% year-over-year drop in housing starts, from 20,231 units in April 2023 to 18,486 units last month. The decline was fueled by lower multi-unit starts dropping by 11%, while single-detached starts increased 3%. April’s actual housing starts were lower in the three major cities in Canada due to decreases in both multi-unit and single-detached starts – compared to one year ago, Toronto declined 38%, Vancouver fell 30% and Montreal was down 3%.
“Both the SAAR and trend of housing starts decreased in April as did the actual number of starts, largely driven by fewer multi-unit starts, particularly in Ontario,” said CMHC Chief Economist Bob Dugan. “The multi-unit volatility observed in Toronto, Vancouver, and Montréal in recent months is unsurprising as we continue to see last year’s challenging borrowing conditions reflected in multi-unit housing starts numbers. We expect to see continued downward pressure in these large centers.”
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