Canada Mises en chantier

Housing starts in Canada fell 4% in February 2025 to a seasonally adjusted annual rate of 229,030 units, down from a revised 239,322 units in January and below market expectations of 250,000. Urban housing starts in centers with populations of 10,000 or more declined 5% to 209,784 units from 220,074 in January. Meanwhile, rural starts remained largely unchanged at 19,246 units, compared to 19,248 in the previous month. On a year-over-year basis, actual housing starts in urban centers declined 17%, with 14,459 units recorded in February 2025 compared to 17,454 a year earlier. Among Canada’s three largest cities, Vancouver saw a steep 48% decline, while Toronto posted a 68% drop, both driven by lower multi-unit and single-detached starts. In contrast, Montreal recorded a 6% increase in actual housing starts.