On May 15, 2024 CMHC issued a news release pertaining to the April housing starts.
According to the Canada Mortgage and Housing Corporation (CMHC), the total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased by 1% in April 2024, reaching 240,229 units compared to March’s 242,267 units1. The six-month trend in housing starts also declined by 2.2%, from 243,907 units in March to 238,585 units in April. Notably, the year-over-year decrease was driven by lower multi-unit starts (down 11%), while single-detached starts increased by 3%1. In major cities, Toronto experienced a 38% decline, Vancouver fell by 30%, and Montreal decreased by 3% compared to April of the previous year1. CMHC’s Chief Economist, Bob Dugan, attributed the multi-unit volatility to last year’s challenging borrowing conditions, particularly in Ontario1. For more detailed data, you can explore CMHC’s Monthly Housing Starts and Other Construction Data2
The complete CMHC Newsrelease can be read here.
