The total monthly seasonally adjusted annual rate (SAAR) of housing starts for Canada was 229,030 units in February, a 4% decline from January’s 239,322 units.
The Canada Mortgage and Housing Corporation reports actual housing starts were down 17% year-over-year in markets with a population of 10,000 or greater – there were 14,459 units recorded last month, compared to 17,454 in February 2024. Among Canada’s three biggest cities, Montreal posted a 6% year-over-year increase in actual housing starts in February while Vancouver recorded a 48% decrease and starts in Toronto plummeted by 68% from one year earlier.
On a provincial measurement, Quebec recorded a 16% year-over-year rise in housing starts, while the Prairie provinces collectively experienced a 14% increase. On the flip side, Ontario saw a 36% decline and British Columbia reported a 34% tumble.
In the rural markets, housing starts had a monthly SAAR estimate of 19,246 units.
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