- Prior was 250.9K
- Single-detached homes- 4% m/m
- Multiple starts -3% m/m
- Seasonally adjusted starts -3%
“March housing starts data point to a continued loss of momentum in
housing construction, broadly in line with CMHC’s housing market
outlook. While actual starts increased compared to a year ago, this
largely reflects the exceptionally low level of construction activity in
the first quarter of last year,” said Mathieu Laberge, CMHC’s Chief Economist and Senior Vice‑President, Housing Insights.
Housing starts data in Canada is published monthly by Canada Mortgage and Housing Corporation (CMHC) through its Starts and Completions Survey. The data tracks the beginning of construction on new residential dwellings — both single-detached and multi-unit — across urban centres with populations of 10,000 or more, with rural areas estimated separately. CMHC reports both the monthly seasonally adjusted annual rate (SAAR) and a six-month trend measure, the latter designed to smooth out the significant month-to-month volatility that characterizes multi-unit construction activity. The data is released on the eleventh business day of each month and is widely used by policymakers, the Bank of Canada, and the housing industry to assess the trajectory of new supply.
Canada recorded 259,028 total housing starts in 2025, up 5.6% from 2024 and the fifth-highest annual total on record, driven by record levels of rental apartment construction. However, momentum faded through the second half of the year, with the six-month trend declining for four consecutive months into January 2026.
In January 2026, the SAAR dropped 15% to 238,049 units from 280,668 in December, while the trend fell 3.5% to 254,794 units. February brought a partial rebound, with the SAAR rising 4.5% to 250,900 units and the trend essentially flat at 256,005. Actual starts in urban centres were up 10% year-over-year in February, with Vancouver posting a 60% increase and Montreal up 18%, while Toronto declined 28%. CMHC has cautioned that elevated construction costs, business uncertainty, and weakening condominium presale activity are expected to weigh on starts through 2026 and beyond.
Yesterday, the Canadian Real Estate Association downgraded its housing market forecast, in large part due to the oil price and rate spike on the war in Iran.
“Home sales activity remained at lower levels in March, as rising global
economic uncertainty, along with a mid-month jump in fixed mortgage
rates tied to incoming higher inflation, piled on to an already shaky
economic start to the year,” said Shaun Cathcart, CREA’s Senior
Economist. “2026 is still expected to see a modest amount of upward
momentum in sales and a stabilization in prices as some pent-up
first-time buyer demand enters the market, but the forecast for the year
has had to be revised downward
