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Canadian housing starts remained high in 2022, December trended slightly lower

The standalone monthly SAAR of total housing starts for all areas in Canada declined 5% in December (248,625 units) compared to November (263,022 units) according to Canada Mortgage and Housing Corporation (CMHC). The SAAR of total urban starts also declined 5%, with 227,708 units recorded in December. Multi-unit urban starts decreased 4% to 182,850 units, while single-detached urban starts fell 11% to 44,858 units.

Rural starts were estimated at a seasonally adjusted annual rate of 20,917 units.

The trend in housing starts was 269,930 units in December, down 1.0 per cent from 273,801 units in November. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The 2022 year ended with a slight decline for both the monthly SAAR of housing starts and the trend at the national level in December; however, Toronto, Montreal, and Vancouver all posted increases in total SAAR housing starts, with Toronto posting a significant increase of 72 per cent 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 (-1.0 per cent) in Canada, similar to levels observed in 2021 (244,141 units). 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 in order to improve affordability,” said Bob Dugan, CMHC’s chief economist.

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