Ontario Construction News staff writer
The rate of housing starts fell 13 per cent in January compared to December 2022, according to the Canada Mortgage and Housing Corporation (CMHC). The monthly seasonally adjusted annual rate (SAAR) of housing starts across Canada fell to 215,365.
In the same month, actual housing starts for metropolitan areas with populations over 10,000 were up about four per cent compared to January 2022 – with a total of 12,037.
The rural starts SAAR estimate was 23,874 units.
The trend in housing starts was 259,412 units in January, down 4% from 269,781 units in December. The trend measure is a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada.
“Both the Monthly SAAR and the six-month trend of housing starts declined nationally in the first month of 2023, with SAAR of housing starts hitting its lowest level since September 2020. Among Toronto, Montreal and Vancouver, Montreal was the only market with increases in total SAAR housing starts in January, up 36 per cent.
“Toronto declined 52% while Vancouver declined 14%, which contributed to the overall monthly decline in SAAR housing starts for Canada,” said Aled ab Iorwerth, CMHC’s Deputy Chief Economist.