Housing Starts Up 10% in Canada’s Largest Markets
Actual housing starts in Canada’s large markets rose 10% year-over-year in February, reaching 15,886 units compared with 14,420 in the same month last year, says a new Canada Mortgage and Housing Corporation report.
Among the country’s three largest cities, Vancouver posted a whopping 60% gain driven by higher multi-unit and single-detached home construction. Montreal recorded an 18% increase in actual housing starts; however, Toronto, however, saw starts decline 28% year-over-year due to lower activity in both segments.
On a month-over-month basis, the seasonally adjusted annual rate (SAAR) of total housing starts increased 4.5% to 250,900 units in February, up from 240,148 units in January.
The six-month trend in housing starts was largely unchanged, edging up 0.4% to 256,005 units, reflecting relatively steady construction activity despite monthly fluctuations.
“In February, the six-month trend in housing starts was essentially flat, indicating that the trend in new construction activity remains relatively steady despite ongoing monthly volatility,” said Kevin Hughes, a CMHC deputy chief economist. “Looking ahead, we expect heightened levels of business uncertainty and construction costs to weigh on the rate and trend of housing starts in the near-to-medium term.”
Year-to-date, actual housing starts totalled 31,974 units, up 5% from the same period in 2025, supported by stronger activity in British Columbia and Ontario.
CMHC also reported that the rural starts monthly SAAR estimate was 20,400 units.
Photo: Shutterstock
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Jared Ennis
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Rick Recckio
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Greg Corbin
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Essex Property Trust, Inc.
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Josh A
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Bob Tuteur
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Andrew Schildcrout