Canadian Housing Starts Rise to Highest Level in Over a Year

July Housing Starts Climb 16% Compared to Previous Month

Construction Begun on 279,509 Units

Canada Mortgage and Housing Corporation (CMHC) released data on Friday indicating a significant increase in housing starts across the country in July.

The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas reached 279,509 units, a 16% increase compared to the previous month.

This surge represents the highest level of housing starts in Canada in over a year.

• Single-detached home starts increased by 13.1% to 77,588 units.
• Multi-family starts jumped by 18.5% to 201,921 units, driven by a surge in apartment building construction.

The increase in housing starts suggests continued strength in the Canadian housing market despite recent interest rate hikes.

Source: CMHC