Canadian housing starts drop 11% in October
November 27, 2022 | 2:20 pm CST
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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.”

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Rich Christianson | President/Owner/C-Level

Rich Christianson is the owner of Richson Media LLC, a Chicago-based communications firm focused on the industrial woodworking sector. Rich is the former long-time editorial director and associate publisher of Woodworking Network. During his nearly 35-year career, Rich has toured more than 250 woodworking operations throughout North America, Europe and Asia and has written extensively on woodworking technology, design and supply trends. He has also directed and promoted dozens of woodworking trade shows, conferences and seminars including the Cabinets & Closets Conference & Expo and the Woodworking Machinery & Supply Conference & Expo, Canada’s largest woodworking show.