The total monthly seasonally adjusted annual rate of housing starts across Canada totaled 294,085 units in July, up 4% from June’s total of 283,523 units.
According to data from Canada Mortgage and Housing Corporation (CMHC), the nation’s largest cities had mixed results in their respective housing starts during July. Montreal posted a 212% year-over-year increase in actual housing starts, which was attributed to a high level of multi-unit starts, while Vancouver recorded a 24% increase in starts this month, also driven by higher multi-unit starts. But Toronto recorded a 69% year-over-year decrease due to a decline in multi-unit and single-detached starts.
Tania Bourassa-Ochoa, CMHC’s deputy chief economist, observed, “Through the first seven months of the year, actual housing starts have remained above 2024 levels, primarily driven by increased multi-unit starts in the Prairie Provinces and Quebec. These persistently elevated national results are reflective of investment decisions made months or even years ago, highlighting the influence of previous market conditions and builder sentiment on current construction trends.”
