Housing starts in Canada declined to 215,365 units in January 2023 – down 13% compared to just a month earlier.

According to Canada Mortgage and Housing Corporation (CMHC), both the monthly seasonally adjusted annual rate (SAAR) and the 6-month trend of housing starts declined nationally at the start of the year. This marks the lowest levels of housing starts since September 2020.

The CMHC cites significant declines in Toronto and Vancouver as the driving force for the overall monthly slowdown. Housing starts in Toronto decreased by 52%, while Vancouver saw a 14% decrease.

Among the country’s three largest cities (Toronto, Montreal and Vancouver), Montreal was the only location that saw an increase in SAAR housing starts – up 36% from the previous month.

Nationally, the SAAR of urban starts declined 16% to 191,491 units, and single-detached urban starts increased by 3% to 45,224 units. Rural starts were estimated at a seasonally adjusted rate of 23,874 units.

Multi-unit urban starts saw the greatest decline of 20% to 146,267 units.

Canadian Housing Starts Hit Their Lowest Levels Since 2020 by Cassie Apperloo | Livabl