August sees a 22% drop in Canadian home construction

Posted on September 20, 2024   |  

The 6-month trend in Canadian housing starts fell by 2.9%, from 255,794 units in July to 248,480 units in August.

In August, the seasonally adjusted annual rate (SAAR) of housing starts across Canada dropped 22% to 217,405 units, down from 279,804 units in July.

Rural housing starts in August were estimated at 17,927 units based on the SAAR.

Urban areas in Canada with populations over 10,000 saw 149,922 housing starts this year, compared to 143,229 at the same time in 2023.

Despite the overall decline, housing starts in 2024 are still 5% higher than in 2023.