On November 18 the CMHC released the housing starts statistics for October 2024. Here are the key points.
The seasonally adjusted annual rate (SAAR) of housing starts for urban areas (populations of 10,000 or more) saw a 6% increase in October 2024, reaching 223,111 units. Multi-unit urban starts rose by 7%, totaling 175,705 units, while single-detached urban starts edged up by 1% to 47,406 units.
In rural areas, the SAAR estimate for housing starts stood at 17,650 units.
Year-to-date data for January to October 2024 shows housing starts in Montreal up 12% compared to the same period last year, signaling a recovery from the low levels seen in 2023. Meanwhile, Vancouver’s starts are down 18% compared to 2023, although last year set a record high. Similarly, Toronto’s starts are 21% lower year-to-date than in 2023, another year marked by unusually high activity.
Monthly housing start statistics, along with other construction data, are published in both English and French on the CMHC Housing Market Information Portal. The next release, covering November’s housing starts, will be available on December 16 at 8:15 AM ET.
To provide more context, CMHC uses trend measures alongside the monthly SAAR figures to better understand fluctuations in the data. The multi-unit segment, which often drives the market, can experience significant monthly variation, making trend analysis a valuable tool for identifying longer-term supply patterns.
Housing starts data also contributes to CMHC’s broader housing reports, offering insights into monthly, quarterly, and year-over-year trends in the new home market.
