Cmhc

Canada Mortgage and Housing Corporation Reports Housing Starts in July

Monthly Housing Starts

According to Canada Mortgage and Housing Corporation (CMHC), the seasonally adjusted annualized rate of housing starts in Canada increased to 279,509 units in July 2024.

The increase in housing starts was driven by a rise in single-family starts, which rose by 10.9% to 156,196 units. Meanwhile, the pace of multi-unit starts declined by 16% to 123,313 units.

Regional Variations

On a regional basis, housing starts increased in four provinces and decreased in three.

The largest increase was in Ontario, where housing starts jumped by 25.3% to 98,359 units.

Housing starts also increased in British Columbia (up 2.9% to 43,821 units), Saskatchewan (up 1.6% to 4,911 units), and Newfoundland and Labrador (up 1.4% to 1,519 units).

However, housing starts decreased in Quebec (down 11.3% to 43,056 units), Manitoba (down 2.1% to 4,924 units), and Nova Scotia (down 2.1% to 4,924 units).

Rural Housing Starts

The annual pace of rural housing starts was estimated at 18,375 units for July 2024, an increase from the 16,652 units started in July 2023.

The increase in rural housing starts was driven by growth in both single-family and multi-unit starts.

Market Outlook

The CMHC also released its market outlook for housing starts in the coming months.

The agency projects that the annual pace of housing starts will moderate in the second half of 2024 and into 2025.

The slowdown is expected to be driven by rising interest rates, which are making it more expensive for buyers to finance a mortgage.

Additional Resources

• CMHC Housing Starts Report
• Reuters: Canadian housing starts rise in July, fueled by single-family homes
• BNN Bloomberg: Housing starts increased to 279,509 in July: Canada Mortgage and Housing Corp.

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