In June 2023, Canada's annual housing starts rate decreased 9% to 241,672 units, with Toronto and Vancouver experiencing significant drops.
In June 2023, Canada's annual pace of housing starts decreased 9% compared to May, with a seasonally adjusted annual rate of 241,672 units, according to the Canada Mortgage and Housing Corp. (CMHC). Toronto and Vancouver both experienced significant drops in housing starts, with a 60% and 55% decrease, respectively, compared to June 2023. Montreal experienced a 226% increase in housing starts, largely due to a significant pick-up in multi-unit activity. The actual number of urban housing starts in June dropped 13% to 20,509 units compared to the previous year.
July 16, 2024
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