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Mar 19, 2024

February housing starts up 14 percent

The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 14 percent in February (253,468 units) compared to January (223,176), says the Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts increased from 244,638 units in January to 245,665 units in February for a slight 0.4 percent gain. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.

February's actual housing starts were 10 percent and 82 percent higher year-over-year in Toronto, ON, and Vancouver, BC, respectively, because of higher multi-unit starts, while single-detached starts decreased. Montreal, QC's actual starts decreased nine percent, as both housing segments were lower.

The monthly SAAR of total urban housing starts increased 15 percent with multi-unit urban starts up 20 percent and single-detached urban starts down two percent.  

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