Ontario Construction News staff writer
Housing starts decreased five per cent across the country in December, according to the Canada Mortgage and Housing Corporation (CMHC).
The seasonally adjusted annual rate (SAAR) of total urban starts also dropped – to 227,708 units last month with multi-unit urban starts decreasing four per cent to 182,850 units and single-detached urban starts falling 11-per-cent to 44,858 units. CHMC estimated a SAAR of 20,917 for rural starts. Compared to the six-month average, the trend in housing starts was down one per cent from 273,801 in November.
- The trend in housing starts was 269,930 units in December 2022, down from 273,801 units in November
- 2022 ended with a slight decline for both the monthly seasonally adjusted annual rate (SAAR) of housing starts and the trend at the national level in December.
- Toronto, Montréal, and Vancouver all posted increases in total SAAR housing starts, with Toronto posting a significant increase of 72% in December.
- 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).
“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,” Bob Dugan, chief economist at CMHC said in the report. “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 to improve affordability.”