The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 1% in April (240,229 units) compared to March (242,267), according to a report by Canada Mortgage and Housing Corporation (CMHC).
The six-month trend in housing starts decreased 2.2% from 243,907 units in March to 238,585 units in April. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada, said the federal agency.
The actual number of housing starts across Canada in urban centres of 10,000 population and over was down 9% to 18,486 units in April compared to 20,231 units in April 2023. The year-over-year decrease was driven by lower multi-unit starts, down 11%, whereas single-detached starts increased 3%, it said.
April’s actual housing starts were lower in all three major cities in Canada due to decreases in both multi-unit and single-detached starts. Toronto declined 38%, Vancouver fell 30% and Montreal was down 3% compared to April a year ago, added the CMHC.
Bob Dugan
“Both the SAAR and Trend of housing starts decreased in April as did the actual number of starts, largely driven by fewer multi-unit starts, particularly in Ontario. The multi-unit volatility observed in Toronto, Vancouver, and Montréal in recent months is unsurprising as we continue to see last year’s challenging borrowing conditions reflected in multi-unit housing starts numbers. We expect to see continued downward pressure in these large 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 flat at 220,123 units recorded. Multi-unit urban starts decreased 1% to 178,462 units, while single-detached urban starts increased 2% to 41,661 units.
- The rural starts monthly SAAR estimate was 20,106 units.
- Total SAAR housing starts were up 41% in Montreal, driven by a 50% increase in multi-unit starts. Vancouver declined 17% due to decreases in multi-unit starts. Toronto fell 12% with both multi-unit and single-detached starts lower.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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