Canada Mises en chantier

Housing starts in Canada jumped by 14% over a month earlier to 253,468 units in February 2024, well above market expectations of 230,000 units, according to the Canada Mortgage and Housing Corporation. It was the highest reading in four months, as the monthly SAAR of total urban housing starts climbed 15%, with 238,633 units recorded. Multi-unit urban starts increased by 20% to 196,392 units, while single-detached urban starts decreased by 2% to 42,241 units. The rural starts monthly SAAR estimate was 14,835 units. "Following two consecutive monthly declines, both the SAAR and Trend of housing starts increased in February. This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Toronto and Vancouver. As the national housing shortage continues, the focus for developers continues to shift towards multi-unit construction in Canada's major centers," said Bob Dugan, CMHC's Chief Economist.