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Housing starts trend down in January Français

CMHC Logo (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

News provided by

Canada Mortgage and Housing Corporation (CMHC)

Feb 15, 2024, 08:15 ET

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OTTAWA, ON, Feb. 15, 2024 /CNW/ - Total SAAR housing starts for all areas in Canada decreased 10% in January 2024 (223,589 units) compared to December 2023 (248,968), according to Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts decreased from 249,757 units in December 2023 to 244,827 units in January 2024, a 2% drop. The trend measure is a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

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Housing Starts in Canada - All Areas (CNW Group/Canada Mortgage and Housing Corporation (CMHC))
Housing Starts in Canada - All Areas (CNW Group/Canada Mortgage and Housing Corporation (CMHC))

Despite these declines, the actual number of housing starts across Canada in centres of 10,000 population and over was up 13% to 14,878 units in January 2024 compared to 13,220 units in January 2023. The year-over-year increase was driven by high multi-unit starts.

Actual housing starts were 49% higher year-over-year in Toronto but were 44% and 6% lower in Vancouver and Montreal, respectively. This suggests many other metropolitan areas made significant contributions to total housing starts in January 2024.

Quote:

"The SAAR of housing starts declined in January pushing the trend down for the second consecutive month. Despite the trend performance, actual starts saw strong year-over-year growth, driven by high multi-unit starts, particularly in Toronto. In fact, from a historical perspective, we observed the second highest number of housing starts for the month of January going back to 1990," said Bob Dugan, CMHC's Chief Economist.

Key Facts:
  • The monthly SAAR of total urban (centres 10,000 population and over) housing starts decreased 11%, with 208,119 units recorded. Multi-unit urban starts decreased 14% to 164,789 units, while single-detached urban starts increased 0.08% to 43,330 units.
  • The rural starts monthly SAAR estimate was 15,470 units.
  • Total SAAR housing starts were up 179% in Toronto, driven by a significant increase in multi-unit starts. Montreal and Vancouver both posted declines of 28% and 55%, respectively, due to sizeable decreases in 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 February housing starts data on March 15 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.

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Related Links:
  • 2024 Rental Market Report
  • December 2023 Housing Starts: Housing starts down 7% in 2023 from 2022
  • CMHC 2023: Housing reports retrospective

Housing Start Data in Centres 10,000 Population and Over



Single-Detached

All Others

Total





January 2023

January 2024

%

January 2023

January 2024

%

January 2023

January 2024

%

Provinces (10,000+)











N.-L.


17

34

100

3

36

##

20

70

250

P.E.I.   


14

17

21

10

67

##

24

84

250

N.S.   


90

112

24

119

365

207

209

477

128

N.B.   


34

28

-18

32

206

##

66

234

255

Atlantic


155

191

23

164

674

311

319

865

171

Qc


195

207

6

1,745

2,287

31

1,940

2,494

29

Ont.   


993

690

-31

3,777

5,128

36

4,770

5,818

22

Man.   


149

111

-26

208

189

-9

357

300

-16

Sask.   


40

58

45

100

169

69

140

227

62

Alta.   


539

809

50

1,429

2,101

47

1,968

2,910

48

Prairies


728

978

34

1,737

2,459

42

2,465

3,437

39

B.C.   


321

257

-20

3,405

2,007

-41

3,726

2,264

-39

Canada (10,000+)


2,392

2,323

-3

10,828

12,555

16

13,220

14,878

13

Metropolitan Areas











Abbotsford-Mission


6

16

167

6

78

##

12

94

##

Barrie


38

20

-47

61

8

-87

99

28

-72

Belleville - Quinte West


5

7

40

0

0

-

5

7

40

Brantford


44

13

-70

0

0

-

44

13

-70

Calgary


304

487

60

991

1,464

48

1,295

1,951

51

Chilliwack


16

8

-50

9

1

-89

25

9

-64

Drummondville


8

4

-50

29

1

-97

37

5

-86

Edmonton


169

242

43

399

441

11

568

683

20

Fredericton


12

8

-33

2

7

250

14

15

7

Greater/Grand Sudbury


2

0

-100

0

2

##

2

2

-

Guelph


7

2

-71

8

0

-100

15

2

-87

Halifax


17

51

200

87

289

232

104

340

227

Hamilton


23

47

104

138

204

48

161

251

56

Kamloops


7

1

-86

8

1

-88

15

2

-87

Kelowna


27

11

-59

349

107

-69

376

118

-69

Kingston


6

9

50

38

2

-95

44

11

-75

Kitchener-Cambridge-Waterloo

51

14

-73

335

167

-50

386

181

-53

Lethbridge


10

15

50

3

88

##

13

103

##

London


35

27

-23

285

155

-46

320

182

-43

Moncton


4

5

25

15

95

##

19

100

426

Montréal


68

63

-7

1,208

1,134

-6

1,276

1,197

-6

Nanaimo


9

27

200

7

177

##

16

204

##

Oshawa


18

17

-6

30

312

##

48

329

##

Ottawa-Gatineau


38

93

145

63

308

389

101

401

297

  Gatineau


0

11

##

30

181

##

30

192

##

  Ottawa


38

82

116

33

127

285

71

209

194

Peterborough


4

5

25

0

0

-

4

5

25

Québec


28

25

-11

111

538

385

139

563

305

Red Deer


5

5

-

14

6

-57

19

11

-42

Regina


6

5

-17

31

110

255

37

115

211

Saguenay


6

24

300

13

18

38

19

42

121

St. Catharines-Niagara


119

57

-52

129

38

-71

248

95

-62

Saint John


6

9

50

0

90

##

6

99

##

St. John's


17

34

100

3

36

##

20

70

250

Saskatoon


33

51

55

42

46

10

75

97

29

Sherbrooke


17

17

-

56

67

20

73

84

15

Thunder Bay


3

0

-100

6

6

-

9

6

-33

Toronto


390

281

-28

2,305

3,724

62

2,695

4,005

49

Trois-Rivières


20

9

-55

88

88

-

108

97

-10

Vancouver


174

121

-30

2,437

1,342

-45

2,611

1,463

-44

Victoria


23

11

-52

440

171

-61

463

182

-61

Windsor


24

11

-54

221

196

-11

245

207

-16

Winnipeg


133

99

-26

138

171

24

271

270

0

Total


1,932

1,951

1

10,105

11,688

16

12,037

13,639

13

Data for 2022 based on 2016 Census Definitions and data for 2023 based on 2021 Census Definitions.








Source: CMHC











## not calculable / extreme value











Housing Start Data - Seasonally Adjusted at Annual Rates (SAAR)


Single-Detached

All Others

Total


December 2023

January 2024

%

December 2023

January 2024

%

December 2023

January 2024

%

Provinces (10,000+)










N.L.

525

644

23

269

584

117

794

1,228

55

P.E.I.   

178

356

100

288

804

179

466

1,160

149

N.S.   

1,643

1,795

9

5,596

4,423

-21

7,239

6,218

-14

N.B.   

918

931

1

3,347

2,608

-22

4,265

3,539

-17

Qc  

4,056

4,700

16

35,464

34,683

-2

39,520

39,383

0

Ont.   

13,596

12,811

-6

54,212

66,808

23

67,808

79,619

17

Man.   

1,707

1,773

4

4,440

2,268

-49

6,147

4,041

-34

Sask.   

1,093

1,266

16

4,404

2,028

-54

5,497

3,294

-40

Alta.   

14,990

14,312

-5

27,876

26,377

-5

42,866

40,689

-5

B.C.   

4,590

4,742

3

55,350

24,206

-56

59,940

28,948

-52

Canada (10,000+)

43,296

43,330

0

191,246

164,789

-14

234,542

208,119

-11

Canada (All Areas)

52,339

54,248

4

196,630

169,341

-14

248,968

223,589

-10

Metropolitan Areas

Abbotsford-Mission

67

291

334

132

936

##

199

1,227

##

Barrie

1,080

456

-58

204

96

-53

1,284

552

-57

Belleville - Quinte West

250

219

-12

48

0

-100

298

219

-27

Brantford

554

353

-36

648

0

-100

1,202

353

-71

Calgary

6,691

7,576

13

11,460

17,568

53

18,151

25,144

39

Chilliwack

140

117

-16

140

12

-91

980

129

-87

Drummondville

307

104

-66

720

12

-98

1,027

116

-89

Edmonton

6,934

4,928

-29

14,928

5,292

-65

21,862

10,220

-53

Fredericton

299

275

-8

24

84

250

323

359

11

Greater/Grand Sudbury

23

4

-83

24

24

-

47

28

-40

Guelph

120

26

-78

1,632

0

-100

1,752

26

-99

Halifax

914

841

-8

4,620

3,468

-25

5,534

4,309

-22

Hamilton

466

706

52

7,272

2,448

-66

7,738

3,154

-59

Kamloops

48

21

-56

1,860

12

-99

1,908

33

-98

Kelowna

431

250

-42

3,948

1,284

-67

4,379

1,534

-65

Kingston

400

381

-5

96

24

-75

496

405

-18

Kitchener-Cambridge-Waterloo

741

275

-63

17,520

2,004

-89

18,261

2,279

-88

Lethbridge

234

291

24

84

1,056

##

318

1,347

324

London

381

507

33

480

1,860

288

861

2,367

175

Moncton

382

296

-23

2,592

1,140

-56

2,974

1,436

-52

Montréal

811

1,411

74

20,377

13,757

-32

21,188

15,168

-28

Nanaimo

70

371

430

156

2,124

##

226

2,495

##

Oshawa

571

485

-15

228

3,744

##

799

4,229

429

Ottawa-Gatineau

1,982

2,196

11

8,280

3,696

-55

10,262

5,892

-43

  Gatineau

228

167

-27

72

2,172

##

300

2,339

##

  Ottawa

1,754

2,029

16

8,208

1,524

-81

9,962

3,553

-64

Peterborough

365

191

-48

384

0

-100

749

191

-74

Québec

408

559

37

960

6,456

##

1,368

7,015

413

Red Deer

78

82

5

0

72

##

78

154

97

Regina

241

97

-60

2,208

1,320

-40

2,449

1,417

-42

Saguenay

171

1,191

##

2,400

216

-91

2,571

1,407

-45

St. Catharines-Niagara

574

1,181

106

372

456

23

946

1,637

73

Saint John

240

319

33

528

1,080

105

768

1,399

82

St. John's

378

526

39

240

432

80

618

958

55

Saskatoon

834

1,138

36

1,956

552

-72

2,790

1,690

-39

Sherbrooke

189

258

37

1,176

804

-32

1,365

1,062

-22

Thunder Bay

90

4

-96

48

72

50

138

76

-45

Toronto

4,296

4,298

0

13,284

44,688

236

17,580

48,986

179

Trois-Rivières

102

147

44

204

1,056

418

306

1,203

293

Vancouver

2,117

2,192

4

38,496

16,104

-58

40,613

18,296

-55

Victoria

339

183

-46

7,404

2,052

-72

7,743

2,235

-71

Windsor

219

217

-1

144

2,352

##

363

2,569

##

Winnipeg

1,407

1,446

3

3,660

2,052

-44

5,067

3,498

-31

Data for 2022 based on 2016 Census Definitions and data for 2023 based on 2021 Census Definitions.








Source: CMHC










## not calculable / extreme value










SOURCE Canada Mortgage and Housing Corporation (CMHC)

To request an interview with a CMHC economist, contact: Media Relations, CMHC, [email protected]

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