{"id":24510,"date":"2024-08-27T11:11:24","date_gmt":"2024-08-27T18:11:24","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=24510"},"modified":"2024-08-20T11:56:48","modified_gmt":"2024-08-20T18:56:48","slug":"canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2024\/08\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\/","title":{"rendered":"Canadian Housing Starts Jump 16%, While Vancouver&#8217;s Slid 18% After A Record Year in 2023"},"content":{"rendered":"<p style=\"text-align: justify;\">Despite the fact that residential construction remains firmly under the thumb of higher interest rates, the annual pace of Canadian housing starts shot up unexpectedly by 16% in June, according to Canada Mortgage and Housing Corporation.<\/p>\n<p style=\"text-align: justify;\">CMHC said on Friday that there were 279,509 starts recorded in July, up from 241,643 units observed in June. June also saw a 9% loss year over year.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, July&#8217;s increase marks the highest year-over-year metric has been so far this year. The 14% increase recorded between January and February was previously the one to beat.<\/p>\n<p style=\"text-align: justify;\">The data shows that July\u2019s increase was largely due to starts observed in multi-unit construction, which rose 17% annually in the month with 261,134 units. Speaking to multi-unit starts across urban centres \u2014 characterized as those with populations of at least 10,000 \u2014 starts surged 21% to 217,306 units. Single-detached urban starts were up by just 2% to 43,828 units.<\/p>\n<p style=\"text-align: justify;\">In an analysis of Friday\u2019s data, Desjardins Economist Kari Norman called the number of multi-unit starts recorded in the month \u201cstronger than expected.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, many of the projects breaking ground last month were financed prior to the recent monetary tightening cycle, which has helped to keep housing starts aloft,\u201d Norman said, adding that \u201cthe gradual unwinding\u201d of interest rates, coupled with government efforts to boost purpose-built rental construction, should lend some support to housing starts in the near-term.<\/p>\n<p style=\"text-align: justify;\">\u201cHowever, this optimism is tempered by challenges such as construction labour shortages, inflation in building materials costs and weaker homebuilder sentiment,\u201d she warned.<\/p>\n<p style=\"text-align: justify;\">Circling back to Friday\u2019s data, CMHC reported that, year to date, there have been 132,823 starts recorded in major urban centres, and that figure is up 7.5% over the same period in 2023.<\/p>\n<p style=\"text-align: justify;\">Also on year-to-date bases, Toronto saw starts come down 9.5% compared to 2023, the government agency said, while Vancouver\u2019s starts slid 18% after seeing a \u201crecord year for new home construction\u201d in 2023. On the contrary, starts were up 47% in Montreal, \u201cshowing some recovery from a historically low year for new home construction in 2023.\u201d<\/p>\n<p><a href=\"https:\/\/storeys.com\/canada-housing-starts-july-2024\/\" target=\"_blank\" rel=\"noopener\">Canadian Housing Starts Surprise in July with 16% Jump<\/a> by Zakiya Kassam | Storeys<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the fact that residential construction remains firmly under the thumb of higher interest rates, the annual pace of Canadian housing starts shot up unexpectedly by 16% in June, according &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,27,13],"tags":[],"class_list":["post-24510","post","type-post","status-publish","format-standard","hentry","category-market-updates","category-pre-sale-projects","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Housing Starts Jump 16%, While Vancouver&#039;s Slid 18% After A Record Year in 2023 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2024\/08\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Housing Starts Jump 16%, While Vancouver&#039;s Slid 18% After A Record Year in 2023 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite the fact that residential construction remains firmly under the thumb of higher interest rates, the annual pace of Canadian housing starts shot up unexpectedly by 16% in June, according &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Canadian Housing Starts Jump 16%, While Vancouver&#8217;s Slid 18% After A Record Year in 2023\",\"datePublished\":\"2024-08-27T18:11:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/\"},\"wordCount\":349,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\",\"Pre-Sale Projects\",\"Real Estate\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2024\\\/08\\\/canadian-housing-starts-jump-16-while-vancouvers-slid-18-after-a-record-year-in-2023\\\/\",\"name\":\"Canadian Housing Starts Jump 16%, While Vancouver's Slid 18% After A Record Year in 2023 &#8226; 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