How do the trends look across regions?
The six-month trend in Canadian housing starts rose 1.1% in February to 239,382 units, according to the Canada Mortgage and Housing Corporation (CMHC). However, the seasonally adjusted annual rate (SAAR) of housing starts for the month fell 4% to 229,030 units, down from 239,322 units in January.
CMHC’s six-month trend measure smooths fluctuations in monthly data to provide a clearer view of housing supply trends. Despite the overall increase in the trend, actual housing starts in urban centres with populations of 10,000 or more declined 17% year-over-year, with 14,459 units recorded in February 2025, compared to 17,454 in February 2024.
Variations in housing starts
Among Canada’s largest cities, housing starts showed significant variations. Montreal saw a 6% increase in actual housing starts compared to February 2024, supported by growth in both multi-unit and single-detached homes. In contrast, Vancouver recorded a 48% drop, while Toronto saw an even steeper decline of 68%, both primarily due to reduced multi-unit and single-detached starts.
Provincially, Quebec experienced a 16% year-over-year rise in housing starts, while the Prairie provinces collectively saw a 14% increase. In contrast, Ontario reported a 36% decline, and British Columbia recorded a 34% decrease.
CMHC attributed the decline in total housing starts to multi-unit housing construction, noting it tends to fluctuate more than single-detached starts. While single-detached housing starts remained stable nationwide, the number of multi-unit starts decreased significantly in several major cities.
Rural housing starts, estimated at a SAAR of 19,246 units, showed relatively stable activity compared to urban centres.
CMHC emphasized that the housing starts data serve as an important indicator for assessing new home supply and overall market conditions.
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