Canada Housing Starts Drop 1% in August

Canada housing starts declined 1% month-over-month in August to 252,787 units, according to Canada Mortgage and Housing Corporation.

Total urban housing starts and multi-unit urban starts both fell 1%, and single-detached urban starts grew 2%. Housing starts were down 12% in Vancouver and 20% in Toronto. Housing starts in Montreal jumped 41%.

“While both the SAAR and trend in housing starts were flat relative to the previous month, total housing starts are under pressure in 2023, except in Ontario and British Columbia,” stated Bob Dugan, CMHC chief economist. “The one bright spot in Canada has been multi-unit starts which have helped offset significant declines recorded in single-detached starts in all provinces this year.”

The full CMHC report can be found here.