OTTAWA, Ontario – Canada’s total housing starts declined 267,055 units in October, down 11% from a September high of 298,811 units, according to the Canada Mortgage and Housing Corporation (CMHC).

The decline was most pronounced in multi-unit urban starts which decreased 13% to 188,189 units. Single-detached urban starts fell 4% to 57,045. Rural starts were estimated at a seasonally adjusted annual rate of 21,821 units based on a Seasonally Adjusted at Annual Rates (SAAR).

“Monthly SAAR declined in October, while the six-month trend in housing starts slightly increased,” said Bob Dugan, CMHC’s chief economist. “October’s decrease in monthly SAAR housing starts in Canada’s urban areas was driven by both lower multi-unit and single-detached starts. Among Montreal, Toronto and Vancouver, Montreal was the only market to post an increase in total SAAR housing starts, driven by a 19% increase in multi-unit activity. Toronto, down 47% and Vancouver, down 19%, contributed to the overall monthly decline in SAAR housing starts for Canada. Despite this, Housing starts activity remains elevated in Canada in 2022.”