Canada Mortgage and Housing Corp. (CMHC) released a new report on January 16, 2025, detailing the fluctuations in housing starts across the country. The report highlighted a two per cent increase in total housing starts in 2024 compared to the previous year, with the total number reaching 245,120. However, Canada's six largest census metropolitan areas experienced a three per cent decline in housing starts, reflecting a mixed trend in the housing market.
The data showed that the surge in housing starts was primarily driven by increased activity in Alberta, Quebec, and the Atlantic provinces. Cities like Calgary, Edmonton, and Montreal saw notable increases in starts last year, contributing to the national rise. In contrast, Vancouver, Toronto, and Ottawa experienced a decline in housing starts, impacting the overall performance of urban areas.
In December, the seasonally adjusted annual rate of rural starts was recorded at 17,468 units. Meanwhile, the pace of urban starts fell 14 per cent to 214,000 units. The overall seasonally adjusted annual rate for housing starts decreased to 231,468 units in December, down from 267,140 units in November.
The report also highlighted a significant drop in the construction of multi-unit urban homes such as apartments, condominiums, and townhouses. The rate fell by 15 per cent to 168,515 units. Similarly, the start rate for urban single-detached homes declined by 10 per cent, totaling 45,485 units.
The CMHC's findings underscore the regional disparities within Canada's housing market. While some areas experienced growth due to favorable economic conditions and demand, others faced challenges that led to decreased housing activity. These trends serve as a reflection of the varied economic landscapes across the nation.
