In 2023, Canada’s housing sector saw a 7% decline in starts in urban centers with over 10,000 residents, recording 223,513 units, down from 2022’s 240,590 units, as per CMHC data. The drop was largely due to a 25% reduction in single-detached home starts. Contrasting this downturn, Toronto and Vancouver observed increases of 5% and 28% in housing starts, fueled by a rise in multi-unit projects. Conversely, Montreal experienced a 37% decrease due to significant falls in both single and multi-unit starts. The overall six-month trend in housing starts also dipped in December to 249,898 units, a 2.1% decrease from November. Despite these fluctuations, urban housing starts rose by 20%, with a notable 26% increase in multi-unit starts, while rural starts reached 14,550 units. Significant variations were seen in major cities, with Toronto’s total SAAR housing starts declining by 35%, while Montreal and Vancouver reported considerable increases due to a surge in multi-unit construction.

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