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Housing starts trend down in January

Ottawa, February 15, 2024

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.

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.

Follow us on X (formerly Twitter), YouTube, LinkedIn, Facebook and Instagram.

Additional information:

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

For information on this release:

To request an interview with a CMHC economist, contact:

Media Relations, CMHC
media@cmhc-schl.gc.ca

January housing starts in Canada — all areas

Housing Start Data in Centres 10,000 Population and Over (Provinces)
  Single-Detached All Others Total
Jan. 2023 Jan. 2024 % Jan. 2023 Jan. 2024 % Jan. 2023 Jan. 2024 %
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

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 in Centres 10,000 Population and Over (Metropolitan Areas)
  Single-Detached All Others Total
Jan. 2023 Jan. 2024 % Jan. 2023 Jan. 2024 % Jan. 2023 Jan. 2024 %
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) (Provinces — 10,000+)
  Single-Detached  All Others Total
Dec. 2023 Jan. 2024 % Dec. 2023 Jan. 2024 % Dec. 2023 Jan. 2024 %
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

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) (Metropolitan Areas)
  Single-Detached All Others Total
Dec. 2023 Jan. 2024 % Dec. 2023 Jan. 2024 % Dec. 2023 Jan. 2024 %
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

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Date Published: February 15, 2024

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