Housing Construction in Canada has Picked Back Up
Housing starts ticked upward in July by 2.5 per cent, according to the Canada Mortgage and Housing Corp.
But despite increasing to 264,426 units in July, from 257,862 in June, housing starts in Canada’s urban areas declined, driven by lower single-detached starts.
Urban starts decreased by 0.8 per cent to 254,371 units. Multi-unit starts in urban areas declined by 0.3 per cent to 195,987 units, while single-detached starts decreased by 2.3 per cent to 58,384 units.
While housing starts have dipped at times in recent months, CMHC points to the continuation of historically elevated levels of housing starts activity across the country, which have been well above 200,000 units since 2020.
The annual pace of housing starts for all areas in Canada in July was 275,329 units, an increase of 1.1 per cent from June.