Canada Mortgage and Housing Corporation (CMHC) reports a notable rise in the six-month trend of housing starts, reaching 257,777 units in November, a 0.7% increase from October’s 255,876 units. This trend, a six-month moving average of the monthly seasonally adjusted annual rate (SAAR), reflects the momentum in Canada’s overall housing starts.

Despite the general surge, urban areas with populations over 10,000 witness a decline in housing starts. Total urban housing starts dip by 22% nationally, with multi-unit urban and single-detached urban starts decreasing by 27% and 7%, respectively.

Montreal experiences a 30% drop in total SAAR housing starts, while Toronto and Vancouver witness a substantial 39% decline, primarily attributed to decreases in multi-unit housing starts. However, rural areas maintain a monthly SAAR estimate of 17,261 units.

Toronto and Vancouver exhibit considerable year-to-date growth in 2023, up by 17% and 31%, respectively, from the same period in 2022. In contrast, there’s an 8% decline in housing starts in urban centers with populations over 10,000, largely due to a 27% decrease in single-detached starts.

• 
•