Canada Housing Starts See Modest Growth But Affordability Challenges Persist
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Housing starts in Canada showed incremental improvement in recent months, rising by 5% in September and 8% in October after a steep 22% drop in August. According to the Canada Mortgage and Housing Corporation (CMHC), housing starts increased from 223,391 units in September to 240,761 units in October, though the six-month trend remained flat at 243,522 units. In urban areas, where affordability challenges persist, year-to-date housing starts were nearly unchanged, with 188,567 units in 2024 compared to 187,722 in 2023.
Regional disparities were evident, with the Prairie provinces, Québec, and the Atlantic provinces experiencing notable growth, while Ontario and British Columbia saw declines. Montréal posted a 12% increase in housing starts year-to-date, while the Atlantic provinces and Prairies recorded year-over-year increases of 31% and 27%, respectively. In contrast, Ontario and BC experienced declines of 18% and 11%, though Toronto and Vancouver posted sharp monthly gains of 44% and 30% on a seasonally adjusted basis.
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