The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 7% in March (242,195 units) compared to February (260,047), according to Canada Mortgage and Housing Corporation (CMHC).
The six-month trend in housing starts decreased 1.6% from 247,971 units in February to 243,957 units in March. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.
The actual number of housing starts across Canada in urban centres of 10,000 population and over was up 16% to 17,052 units in March compared to 14,756 units in March 2023. The year-over-year increase was driven by higher multi-unit starts, up 19% and higher single-detached starts, up 2%.
March’s actual housing starts were 10% and 15% higher year-over-year in Toronto and Vancouver, respectively, because of higher multi-unit starts, while single-detached starts decreased. Montreal’s actual starts decreased 1%, dragged down by lower multi-unit starts.
Key facts:
- The monthly SAAR of total urban (centres 10,000 population and over) housing starts decreased 7%, with 220,743 units recorded. Multi-unit urban starts decreased 8% to 180,229 units, while single-detached urban starts decreased 4% to 40,514 units.
- The rural starts monthly SAAR estimate was 21,452 units.
- Total SAAR housing starts were up 27% in Vancouver, driven by an increase in multi-unit starts. Toronto and Montreal declined 26% and 5%, respectively due to decreases in multi-unit starts.
- 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 March housing starts data on May 15 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.
- Definitions and methodology to better understand the foundations of the Starts and Completions and Market Absorption surveys.
As a trusted source of housing information, CMHC provides unbiased housing-related data, research, and market information to help close knowledge gaps, and deepen understanding of complex housing issues to inform future policy decisions. 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 contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to all levels of governments, consumers and the housing industry.
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For information on this release:
To request an interview with a CMHC economist, contact:
Media Relations, CMHC
media@cmhc-schl.gc.ca
https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2024/housing-starts-march-2024