Housing starts declined 17% in October, CMHC says
Global News
The annualized rate of housing starts fell 17 per cent in October compared with September, the Canada Mortgage and Housing Corporation says.
Housing starts in Canada appear to be slowing down, according to the latest data.
The Canada Mortgage and Housing Corporation reported on Tuesday that the annualized rate of housing starts fell 17 per cent in October compared with September of this year.
Data from the same time period last year showed housing starts increased eight per cent from September to October 2024.
Last month saw construction begin on 232,765 units compared with 279,174 units in September, according to the CMHC.
A housing start is defined by the CMHC as the beginning of construction on a building where a dwelling unit will be located, and begins officially when the concrete has been poured for the footing of the structure, or an equivalent stage if there is no basement.
Declines in housing starts last month were led by urban centres with populations of 10,000 or more, with the biggest drops seen in Toronto at 42 per cent and Vancouver at 36 per cent.
The CMHC also says Toronto and Vancouver both saw notable drops in starts for multi-unit dwellings, with Toronto also seeing “considerably lower” starts for single-detached homes.
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