Housing Construction Booms: February Starts Jump by 14%
February saw a significant surge in Canada’s housing starts, according to the latest data from the Canada Mortgage and Housing Corporation. The total monthly seasonally adjusted annual rate (SAAR) jumped by 14% to hit 253,468 units, compared to January’s 223,176 units.
Urban areas with over 10,000 populations witnessed a robust increase in actual housing starts, rising by 11% to 17,495 units compared to February 2023. This uptick was driven primarily by a 16% increase in multi-unit starts, while single-detached starts declined by 14%.
Breaking down the urban housing starts further, the monthly SAAR of total urban starts surged by 15% to 238,633 units. Multi-unit urban starts notably soared by 20%, reaching 196,392 units, while single-detached urban starts experienced a slight dip of 2%, totaling 42,241 units.
The rural starts estimate for the month reached 14,835 units.
READ: January Housing Starts Fall 10% On A Seasonally Adjusted Basis
Looking at specific cities, Vancouver’s total SAAR housing starts skyrocketed by 79%, while Toronto saw a 15% increase. Conversely, Montreal faced a notable decline of 31% in total SAAR housing starts. These fluctuations were largely influenced by shifts in multi-unit starts across these regions.
Information for this briefing was found via CMHC and the sources mentioned. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
