Toronto housing starts drop 47% in October

housing starts october
Housing Starts in Canada - All Areas (CNW Group/Canada Mortgage and Housing Corporation)

Ontario Construction News staff writer

Housing starts in all areas in Canada declined 11 per cent in October (267,055 units) compared to September’s 2022 high (298,811 units), according to a Canada Mortgage and Housing Corporation (CMHC) report.

Toronto recorded the largest decline, with a 47 per cent drop.

Multi-unit urban starts decreased 13% to 188,189 units, while single-detached urban starts fell 4% to 57,045 units. Rural starts were estimated at a seasonally adjusted annual rate of 21,821 units.

Bob Dugan
Bob Dugan, Chief Economist, CMHC (CNW Group/Canada Mortgage and Housing Corporation)

“Monthly SAAR declined in October, while the six-month trend in housing starts slightly increased. October’s decrease in monthly SAAR housing starts in Canada’s urban areas was driven by both lower multi-unit and single-detached starts,” CMHC chief economist Bob Dugan said in a statement.

Montreal was the only market to post an increase, driven by a 19 per cent jump in multi-unit activity. Toronto, down 47 per cent and Vancouver, down 19 per cent, contributed to the overall monthly decline for Canada.


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