[ad_1]
Nationally, actual 2024 housing starts were up two percent in centres of 10,000 population and over, with 227,697 units recorded, compared to 223,513 in 2023, according to Canada Mortgage and Housing Corporation (CMHC). Combined with an estimated 17,423 actual rural housing starts, the total for all areas in Canada in 2024 was 245,120, also up two percent compared to 2023. This increase is primarily explained by historically high rental construction levels and overall increased starts in Alberta, Québec, and the Atlantic provinces. Canada’s six largest census metropolitan areas saw a combined three percent year-over-year decrease from 2023 driven by lower starts levels in Vancouver, Toronto, and Ottawa where multi-unit starts fell due to weak pre-construction condominium sales. Calgary, Edmonton, and Montréal saw higher starts activity in 2024, particularly in the multi-unit segment, driven by high rental starts.
The six-month trend in housing starts was flat (down 0.7 percent) in December at 242,637 units. The trend measure is a six-month moving average of the seasonally adjusted annual rate of total housing starts for all areas in Canada. The total monthly SAAR of housing starts for all areas in Canada decreased 13 percent in December (231,468 units) compared to November (267,140 units). Canada’s centres with a population of 10,000 or greater saw 16,531 actual starts in December, pushing the 2024 total up to 227,697. This compares to 223,513 for the same period in 2023, a two percent increase.
“Canada’s urban centres saw an uptick in housing starts in 2024 compared to last year, marking the third-highest year on record.” said Mathieu Laberge, CMHC’s chief economist and senior vice-president of market insights.“While this annual increase shows some signs of progress, Canada still needs significantly higher supply growth to restore affordability in urban centres. Last spring, we estimated Canada could build up to 400,000 new housing units annually, based on current resources devoted to residential construction.”
- The monthly SAAR of total urban (centres 10,000 population and over) housing starts was 14 percent lower (214,000 units). Multi-unit urban starts decreased 15 percent (168,515 units), while single-detached urban starts decreased 10 percent (45,485 units).
- The rural starts monthly SAAR estimate was 17,468 units.