Canada: Housing Starts Hold Firm Despite Market Correction

Summary of the publication

Housing starts came in at an annualized pace of 275,329 units in July 2022, a 1% increase versus June. They remain near record levels, and the six‑month moving average edged higher to 264,426 units.

Urban single-detached starts fell by 2.3% to 58,384 units in July, while urban multi-unit starts were virtually unchanged at 195,987 units in the month.

Five of 10 provinces witnessed declines in total starts, with gains in Quebec, Ontario, and Alberta eroded by decreases in Saskatchewan and BC.

Among cities, Montreal, Toronto, and Vancouver saw seasonally adjusted monthly declines, while Winnipeg starts increased relative to June.