September 17, 2024

Housing starts for August 2024

OTTAWA, ON, Sept. 17, 2024 /CNW/ – The six-month trend in housing starts decreased 2.9% from 255,794 units in July to 248,480 units in August. The trend measure is a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

The total monthly SAAR of housing starts for all areas in Canada decreased 22% in August (217,405 units) compared to July (279,804 units), according to Canada Mortgage and Housing Corporation (CMHC).

In Canada’s urban centres with a population of 10,000 or greater, there have been 149,922 actual housing starts year-to-date (January – August) in 2024. This compares to 143,229 for the same period in 2023, meaning actual housing starts are currently 5% higher this year.

Quote:

“Growth in actual year-to-date housing starts has been driven by both higher multi-unit and single-detached units in Alberta, Quebec and the Atlantic provinces. By contrast, year-to-date starts in Ontario and British Columbia have decreased across all housing types. As the housing shortage continues, higher levels of construction are needed to restore affordability in Canada’s urban 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 24% lower (199,478 units). Multi-unit urban starts decreased 29% (154,290 units), while single-detached urban starts increased 3% (45,188 units).The rural starts monthly SAAR estimate was 17,927 units.Actual year-to-date housing starts between January and August 2024 are up 39% in Montreal from the same period last year, showing some recovery from historically low new home construction in 2023.In Vancouver, actual starts are down 20% in 2024 compared to 2023, but it’s important to note 2023 was a record high year.In Toronto, actual year-to-date housing starts are down 14% from 2023, which was also a high year for housing starts by historical standards.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 September housing starts data on October 16 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.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 plays a critical role as a national convenor to promote stability and sustainability in Canada’s housing finance system. Our mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. We actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility.

Housing starts for August 2024

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Housing starts for August 2024

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