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Housing starts up 14% in February: CMHC

By Brad Perry Mar 15, 2024 | 10:55 AM

Canada’s housing starts were up 14 per cent in February following two months of decreases.

The seasonally adjusted annual rate of housing starts came in at 253,468 units.

That was compared to 223,176 units in January, according to the Canada Mortgage and Housing Corporation.

“This was due to growth in actual year-over-year starts, driven by higher multi-unit starts, particularly in Toronto and Vancouver,” Bob Dugan, the corporation’s chief economist, said in a news release.

“As the national housing shortage continues, the focus for developers continues to shift towards multi-unit construction in Canada‚Äôs major centres.”

The annual rate of urban starts rose 15 per cent to 238,633, according to figures provided by the corporation.

Multi-unit urban starts increased 20 per cent to 196,392 units, while single-detached urban starts were down two per cent to 42,241 units.

The annual rate of rural starts was estimated to be around 14,835 units, according to the corporation.

Meanwhile, the six-month trend in housing starts saw a slight 0.4 per cent increase, from 244,638 units in January to 245,665 units in February.