Ontario Construction News staff writer
The monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada increased 13% in February – 243,959 units, compared to January (216,514 units), according to Canada Mortgage and Housing Corporation (CMHC).
The monthly SAAR of total urban (centres 10,000 population and over) starts increased 16%, with 222,663 units recorded in February. Multi-unit urban starts increased 18% to 173,745 units, while single-detached urban starts increased 8% to 48,918 units.
The rural starts monthly SAAR estimate was 21,296 units.
The trend in housing starts was 255,735 units in February, down 2 per cent from 259,830 units in January. The trend measure is a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada.
“After hitting its lowest level since September 2020, the monthly SAAR of housing starts rebounded in February, while the six-month trend declined slightly,” said Bob Dugan, CMHC’s Chief Economist. “Among Toronto, Montreal and Vancouver, only Toronto recorded an increase in total SAAR housing starts in February, up 55 per cent.
“Montreal declined 31% and Vancouver declined 43%. February’s housing starts provided much needed new housing supply nationally, but in order to improve affordability, we need to find innovative ways to deliver more supply and to keep building at a higher pace.”
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a clearer picture of upcoming new housing supply. In some situations, analyzing only SAAR data can be misleading, as the multi-unit segment largely drives the market and can vary significantly from one month to the next.