Canada Mises en chantier

Canadian housing starts declined 3.3% month-over-month to 214,155 units in March 2025, compared to 221,405 units in February and below market expectations of 242,500. Urban housing starts in centres with populations of 10,000 or more were 2.8% lower to 203,285 units, compared to 209,093 units in February. Meanwhile, rural housing starts remained flat at 10,870 units. On an annual basis, actual housing starts in urban centres fell 12.5% to 14,924 units recorded in March 2025, compared to 17,052 a year earlier. Among Canada’s three largest cities, Vancouver saw a steep 59% decline while Toronto saw a 65% drop since March 2024, both driven by lower multi-unit and single-family starts. In contrast, Montreal saw a 138% year-over-year increase with increases in multi-unit construction starts.