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.

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