Canada recorded a 3% increase in the seasonally adjusted annual rate of housing starts in January with a total of 239,739 units, compared to December’s total of 232,492 units.
The Canada Mortgage and Housing Corporation (CMHC) reported actual housing starts were up 7% year-over-year in centers with a population of 10,000 or greater, with 15,930 units recorded last month versus 14,883 in January 2024. Among Canada’s three largest cities, Montreal posted a 112% year-over-year increase in actual housing starts in January while Vancouver recorded a 37% increase, both driven by higher multi-unit starts. Starts in Toronto fell 41% year-over-year, driven by decreases in multi-unit starts.
Tania Bourassa-Ochoa, CMHC’s deputy chief economist, stated the January data “was primarily driven by an 8% increase in multi-unit starts, particularly purpose-built rentals concentrated in Quebec and British Columbia. While these increases show early signs of progress to begin the year, foreign trade risks add significant uncertainty for housing construction going forward.”
Nonetheless, Bourassa-Ochoa warned that “CMHC projected housing starts to slow down from 2025 to 2027, mainly due to decreases in condominium apartment starts.”
