Canada Mises en chantier

Housing starts in Canada rose by 5% over a month to 223,808 units in September 2024, below market expectations of 237,500 units, according to the Canada Mortgage and Housing Corporation. The monthly SAAR of total urban housing starts was 6% higher at 210,002 units, as multi-unit urban starts increased 6% to 163,400 units, while single-detached urban starts increased 5% to 46,602 units. The rural starts monthly SAAR estimate was 13,806 units. “Growth in actual year-to-date housing starts has been driven by both higher multi-unit and single-detached units in Alberta, Quebec and the Atlantic provinces. By contrast, year-to-date starts in Ontario and British Columbia have decreased across all housing types. Despite the increase in housing starts in September, we remain well below what is required to restore affordability in Canada’s urban centres.” said Kevin Hughes, CMHC’s Deputy Chief Economist.