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OTTAWA, ON, Nov. 18, 2024 /CNW/ - The six-month trend in housing starts was flat in October at 243,522 units. The trend measure is a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

The total monthly SAAR of housing starts for all areas in Canada increased 8% in October (240,761 units) compared to September (223,391 units), according to Canada Mortgage and Housing Corporation (CMHC).

In Canada's urban centres with a population of 10,000 or greater, there have been 188,567 actual housing starts year-to-date (January - October) in 2024. This compares to 187,722 for the same period in 2023, meaning actual year-to-date housing starts are statistically unchanged so far this year.

Quote:

"Actual year-to-date housing starts are similar to last year, but we continue to see higher activity in the Prairie provinces, Québec and the Atlantic provinces, while Ontario and British Columbia have seen declines in all housing types. The increases in the monthly SAAR in Toronto and Vancouver are a promising sign for Ontario and British Columbia, as they drove the national SAAR increase in October. Despite these results, we remain well below what is required to restore affordability in Canada's urban centres." said Bob Dugan, CMHC's Chief Economist.

Key Facts:

The monthly SAAR of total urban (centres 10,000 population and over) housing starts was 6% higher (223,111 units). Multi-unit urban starts increased 7% (175,705 units), while single-detached urban starts increased 1% (47,406 units).The rural starts monthly SAAR estimate was 17,650 units.Actual year-to-date housing starts between January and October 2024 are up 12% in Montreal from the same period last year, showing some recovery from historically low new home construction in 2023.In Vancouver, actual starts are down 18% in 2024 compared to 2023, but it's important to note 2023 was a record high year.In Toronto, actual year-to-date housing starts are down 21% from 2023, which was also a high year for housing starts by historical standards.Monthly Housing Starts and Other Construction Data are accessible in English and French on our website and the CMHC Housing Market Information Portal.Housing starts data is available on the eleventh business day each month. We will release the November housing starts data on December 16 at 8:15 AM ET.CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and to obtain a clearer picture of upcoming new housing supply. In some situations, analyzing only SAAR data can be misleading, as the multi-unit segment largely drives the market and can vary significantly from one month to the next.See the definitions and methodology page to better understand the foundations of the Starts and Completions and Market Absorption surveys.Housing starts facilitate the analysis of monthly, quarterly, and year-over-year activity in the new home market. The data we collect as part of our Starts and Completions and Market Absorption surveys helps us obtain a clearer picture of upcoming new housing supply and is used as part of our various housing reports.

CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. We actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility.

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Housing starts for October 2024

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