Canada’s housing market showed mixed signals in October, with the six-month trend in housing starts remaining flat at 243,522 units, according to the latest data from Canada Mortgage and Housing Corporation.
The trend measure, a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts, indicates a stabilizing market on a national level.
Despite the flat trend, the monthly SAAR of housing starts for all areas in Canada increased by 8% in October, reaching 240,761 units compared to 223,391 units in September. This uptick was primarily driven by a 6% rise in urban housing starts, with multi-unit urban starts increasing by 7% and single-detached urban starts by 1%.
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Year-to-date housing starts in urban centers with populations over 10,000 remain statistically unchanged, with 188,567 actual starts from January to October 2024, compared to 187,722 for the same period in 2023.
The rural starts monthly SAAR estimate stood at 17,650 units, contributing to the overall national figures.
Regional disparities continue to shape the national housing landscape. The Prairie provinces, Quebec, and Atlantic provinces have seen increased activity, while Ontario and British Columbia experienced declines across all housing types. However, the monthly SAAR increases in Toronto and Vancouver offer a glimmer of hope for these provinces.
CMHC’s Chief Economist, Bob Dugan, noted, “Despite these results, we remain well below what is required to restore affordability in Canada’s urban centres”.
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