Title: Housing starts in Canada decline to lowest level since Sept. 2020
Excerpt: The decline in monthly starts was driven by Toronto and Vancouver, which experienced declines of 52% and 14%, respectively, according to CMHC
Housing starts in Canada declined in January, hitting its lowest level since September 2020, according to a new report from CMHC
Housing starts in Canada declined in January, with the seasonally adjusted annual rate (SAAR) hitting its lowest level since September 2020, according to Canada Mortgage and Housing Corporation (CMHC).
Urban
The national housing agency is reporting total starts for all areas fell 13 per cent to 215,365 units from 248,296 units in December 2022; the SAAR of total urban starts also declined 16 per cent, with 191,491 units recorded in January.
Muti-unit & rural
Multi-unit urban starts saw the largest drop, declining 20 per cent to 146,267 units, while single-detached urban starts increased three per cent to 45,224 units. Meanwhile, the rural starts SAAR estimate was 23,874 units.
The trend measure, a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada, was 259,412 units in January, down four per cent from 269,781 units in December.
Declines driven by Toronto and Vancouver
According to Aled ab Iorwerth, CMHC’s deputy chief economist, the declines in the monthly SAAR and the six-month trend of housing starts were mainly driven by Toronto and Vancouver, which experienced declines of 52 per cent and 14 per cent, respectively.
In January, Calgary saw a 28 per cent increase in total SAAR housing starts, while Montreal saw a 36 per cent increase.
Read CMHC’s report on January’s monthly housing starts, including regional data, here.
