Canadian Housing Starts Post 3% YoY Decline in October
Housing starts in Canadian major markets fell 3% year-over-year in October, says a new report from the Canada Mortgage and Housing Corporation.
Actual housing starts in centres with populations of 10,000 or more fell declined to19,174 units recorded compared with 19,763 in October 2024.
Among Canada’s largest cities, Montreal saw a 104% increase driven by a surge in multi-unit activity. Vancouver, by contrast, posted a 36% decline due to fewer multi-unit starts, while Toronto recorded a 42% drop as both multi-residential and single-detached activity fell sharply.
The six-month trend in housing starts also declined 3% to 268,907 units. Nationally, the seasonally adjusted annual rate (SAAR) dropped 17% from September to 232,765 units. The decline came after Canadian major market housing starts increased 19% year-over-year in September.,
Year-to-date starts reached 197,207 units in October, up 5% from the same period in 2024.
“Both the six-month trend in housing starts and the SAAR were pushed lower in October by significantly lower monthly starts in Ontario and British Columbia,” said Tania Bourassa-Ochoa, a CMHC deputy chief economist. “However, higher starts in markets like Montreal, Calgary, and Edmonton continue to keep national year-to-date [starts] elevated compared to the same period last year. While these results are generally reflective of investment decisions made months or even years ago, they also highlight persistent and significant regional contrasts in housing construction trends across the country.”
Other key findings include a rural monthly SAAR estimate of 22,062 units.
Photo: Shutterstock
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