July housing starts in Canada totaled 279,509 units on a seasonally adjusted annualized rate (SAAR), up 16% from June’s total of 241,643, according to Canada Mortgage and Housing Corporation (CMHC). July’s activity was the highest since June 2023, when they exceeded the 281,000 level.
The six-month trend measure in housing starts increased 3.2% from 247,840 units in June to 255,783 units in July. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.
In Canadian urban centers with a population of 10,000 or greater, there have been 132,823 actual housing starts year-to-date, up from the 123,593 for the same time-period in 2023. According to CMHC, this means actual housing starts are currently 7.5% higher in 2024.
“Both the SAAR and trend of housing starts increased in July,” said CMHC Chief Economist Bob Dugan. “This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Calgary and Ottawa. As the national housing shortage continues, developers remain focused on multi-unit construction in Canada’s major centers.”
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