Canadian Home Starts Down

The trend in housing starts was 269,930 units in December, down from 273,801 units in November, says a report from Canada Mortgage and Housing Corporation (CMHC). The standalone monthly seasonally adjusted annual rates (SAAR) of total housing starts for all areas in Canada in December was 248,625 units, a decline of five per cent. The SAAR of total urban starts also decreased by five per cent to 227,708 units in December. Multi-unit urban starts fell by four per cent to 182,850 units, while single-detached urban starts decreased by 11 per cent to 44,858 units. Bob Dugan, CMHC's chief economist, says, “The rate of new construction continued at an elevated pace in 2022 overall, ending the year with actual total urban starts at 240,590 units in Canada, similar to levels observed in 2021 (244,141 units). While these additional units will provide much needed supply on the market, demand for housing in the country will continue to grow. We need to find innovative ways to deliver more housing supply and keep building at a higher pace in the coming years in order to improve affordability.”