February sees a monthly surge of 14% in Canadian housing starts

Posted on March 22, 2024   |  

Housing starts across Canada grew by 14% in February compared to the previous month, reaching a seasonally adjusted annual rate (SAAR) of 253,468 units.

The 6th-month "trend" in housing starts, a moving average of the SAAR of nationwide starts, showed a slight increase from January to February, rising by 0.4%.

In urban areas with populations of 10,000 or more, housing starts jumped by 11% in February compared to the same month last year, totaling 17,495 units. 

Multi-unit starts drove this growth with a 16% increase, while single-detached starts declined by 14%.

Rural housing starts reached a monthly SAAR estimate of 14,835 units.