CMHC: Housing Starts On The Rise in February

With home sales on the rise, housing starts are also undergoing notable increases, even despite high interest rates.

On Wednesday, the Canada Mortgage and Housing Corporation (CMHC) reported that national housing starts rose 13% between January and February, from 216,514 units to 243,959 units.

Housing Starts in Canada – All Areas (CNW Group/Canada Mortgage and Housing Corporation) (CNW Group/Canada Mortgage and Housing Corporation)

Urban starts increased 16% to a total of 222,663 units, multi-unit starts noted an 18% gain to 173,745 units, and construction intentions of single-detached homes rose 8% to 48,918 units.

“After hitting its lowest level since September 2020, the monthly SAAR of housing starts rebounded in February, while the six-month trend declined slightly. Among Toronto, Montreal and Vancouver, only Toronto recorded an increase in total SAAR housing starts in February, up 55%. Montreal declined 31% and Vancouver declined 43%,” said CMHC chief economist Bob Dugan. “February’s housing starts provided much needed new housing supply nationally, but in order to improve affordability, we need to find innovative ways to deliver more supply and to keep building at a higher pace,” he added.


Information for this briefing was found via the CMHC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Canadian Housing Starts Down 3% in August as Multi-Units Tumble

Canadian housing starts were down between July and August, as the pace of urban starts...

Friday, September 16, 2022, 10:46:31 AM

Canada’s Housing Starts Show Mixed Signals In November Amid Market Uncertainties

Canada’s housing market is showing a blend of growth and contraction, according to the latest...

Friday, December 15, 2023, 09:22:59 AM

Canada’s Housing Starts Decline 9% In June

Canada’s housing market showed signs of cooling in June, with total housing starts dropping 9%...

Tuesday, July 16, 2024, 10:24:35 AM

January Housing Starts Fall 10% On A Seasonally Adjusted Basis

In January 2024, the Canadian housing market presented a mixed bag of results, underscoring the...

Thursday, February 15, 2024, 09:03:49 AM

CMHC: Housing Starts See Major Boost in June Thanks to Construction Activity in Toronto and Vancouver

Canada’s housing sector saw a substantial uptick in June, reversing a months-long declining trend. According...

Tuesday, July 18, 2023, 12:20:00 PM