March 15, 2024

Housing starts for February 2024

OTTAWA, ON, March 15, 2024 /CNW/ – The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 14% in February (253,468 units) compared to January (223,176), according to Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts increased from 244,638 units in January to 245,665 units in February for a slight 0.4% gain. 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 11% to 17,495 units in February compared to 15,822 units in February 2023. The year-over-year increase was driven solely by higher multi-unit starts, up 16%. Single-detached starts decreased 14% in February.

February’s actual housing starts were 10% and 82% 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 9%, as both housing segments were lower.

Quote:

“Following two consecutive monthly declines, both the SAAR and Trend of housing starts increased in February. This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Toronto and Vancouver. As the national housing shortage continues, the focus for developers continues to shift towards multi-unit construction in Canada’s major centres,” said Bob Dugan, CMHC’s Chief Economist.

Key Facts:

The monthly SAAR of total urban (centres 10,000 population and over) housing starts increased 15%, with 238,633 units recorded. Multi-unit urban starts increased 20% to 196,392 units, while single-detached urban starts decreased 2% to 42,241 units.The rural starts monthly SAAR estimate was 14,835 units.Total SAAR housing starts were up 79% in Vancouver and 15% in Toronto, driven by significant increases in multi-unit starts. Montreal declined 31% due to sizeable decreases in both single-detached and 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 April 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.

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.

Housing starts for February 2024

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Housing starts for February 2024

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