The Canada Mortgage and Housing Corporation (CMHC) says the annual pace of housing starts in June fell 9 per cent from May.
The agency said the seasonally adjusted annualized monthly number of housing starts was 241,672 units in June, down from 264,929 in May.
The announcement comes as actual housing starts were significantly lower in two of Canada’s three major cities compared to June 2023. Toronto saw a 60% drop and Vancouver saw a 55% drop.
However, housing starts in Montreal increased by 226% in June year-over-year, while activity in the multi-unit housing sector accelerated considerably.
Actual housing starts in Canada’s urban centres fell 13 per cent to 20,509 units in June, down from 23,518 units a year earlier. CMHC attributed the decline to lower multiple-unit housing starts.
The seasonally adjusted and annualized monthly number of rural housing starts was estimated at 18,438.
The six-month moving average of the seasonally adjusted and annualized monthly count was down 0.4% to 247,205 units in June, from 248,260 units in May.
To see in video