In September, the Canadian housing market saw a positive trend in housing starts, with 254,006 units initiated, marking a 3.9% increase from August’s 244,511 units. These figures, reported by the Canada Mortgage and Housing Corporation (CMHC), are calculated using a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) for total housing starts across the country. The SAAR for total housing starts in Canada experienced an 8% rise in September, reaching 270,466 units compared to 250,383 units in August. Urban housing starts, particularly in centers with a population of 10,000 or more, saw a 9% increase, totaling 250,766 units, with multi-unit urban starts surging by 10% to 207,689 units and single-detached urban starts growing by 3% to 43,077 units. However, it’s worth noting that Vancouver recorded a 17% decrease in housing starts, driven by declines in both single-detached (-12%) and multi-unit (-18%) categories. On the other hand, Montreal experienced a significant increase of 98% in total SAAR housing starts, while Toronto saw a 20% rise. These numbers reflect the housing market’s dynamic nature, with year-to-date housing starts in 2023 notably higher in Toronto and Vancouver by 22% and 37%, respectively, compared to the same period in 2022. Nationally, year-over-year housing starts for September were down 8% in areas with a population of 10,000 or more, primarily due to a decline in single-detached starts.

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