Canadian Housing Starts Rise Below Forecasts in February

Housing starts in Canada rose 3% month-over-month to a seasonally adjusted annual rate of 248,896 units in September 2026, up from a revised 242,223 units in August and above market expectations of 232,500 units. Rural starts were estimated at 18,094 units. Actual monthly housing starts were down 11% year-on-year in centres with a population of 10,000 or more, with 19,984 units recorded in September 2026. Montréal’s six-month trend fell 8% month-to-month, driven by lower multi-unit starts, while Vancouver rose 6% on higher multi-unit starts. Toronto’s trend was flat. Year-to-date housing starts totaled 170,964 units, down 4% from the same period in 2025. The six-month trend was virtually unchanged at 250,411 units.

Housing starts in Canada were largely flat month-over-month at a seasonally adjusted annual rate of 229 thousand units in August 2026, the lowest since March 2025 and below market forecasts of 240 thousand units. Rural starts were estimated at a seasonally adjusted annual rate of 11,224 units. Actual monthly housing starts were down 2% year-over-year in centres with populations of 10,000 or more, with a total of 17,691 units recorded in August 2026. Montréal’s six-month trend rose 6% month-to-month, driven by higher starts across all housing types. Vancouver also recorded a 6% increase, supported by stronger multi-unit starts. In Toronto, the trend was unchanged, as both single-detached and multi-unit starts remained flat.

Canada’s housing starts fell 5% in July to a seasonally adjusted annual rate of 229,074 units, down from 240,773 in June and below market expectations of 248,000 units. The rural starts estimate stood at 11,274 units. Actual monthly housing starts declined 19% year-on-year in centres with a population of 10,000 or more, with 18,834 units recorded in July 2026. Vancouver starts fell 42%, driven by lower multi-unit and single-detached starts, while Toronto starts declined 10% on weaker multi-unit construction. Montréal posted a 3% increase, supported by higher multi-unit starts. Year-to-date housing starts totaled 131,851 units, down 4% from the same period in 2025. The six-month trend was virtually unchanged in July, falling 0.5% to 247,377 units.