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Canadian housing starts see significant growth in July 2024

Housing starts in Canada saw a notable increase in July 2024, with the seasonally adjusted annual rate (SAAR) rising by 16 per cent to 279,509 units, up from 241,643 units in June, according to the Canada Mortgage and Housing Corporation (CMHC).

The six-month trend in housing starts also climbed 3.2 per cent, reaching 255,783 units in July, compared to 247,840 units in June. This trend measure is a six-month moving average of the SAAR of total housing starts across all areas in Canada.

In urban centres with populations of 10,000 or more, actual housing starts for the year to date (January to July) reached 132,823 units in 2024, a 7.5 per cent increase from the 123,593 units recorded during the same period in 2023.

“Both the SAAR and Trend of housing starts increased in July. This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Calgary and Ottawa,” said Bob Dugan, CMHC’s chief economist. “As the national housing shortage continues, developers remain focused on multi-unit construction in Canada’s major centres.”

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