Canada Housing Starts Increase 10%, Hit Highest Level This Year

In a climate of dismal housing supply reports and headlines, there’s some positive news on Canada’s housing starts front. After two months of declining figures, the pace of the country’s housing starts increased 10% in May from April, according to Canada Mortgage and Housing Corporation . This marks the highest level Canada has seen in seven months.

According to CMHC, the actual number of housing starts in Canadian urban centres of 10,000 residents or more was up 39% to 21,652 units in May, compared to 15,606 units in May 2023. The year-over-year increase was driven by higher multi-unit starts, which were up 49%, and higher single-detached starts, which were up 6%. Meanwhile, the monthly SAAR of total urban housing starts was 11% higher, at 246, 141 units recorded.

"Considering the immense challenges facing Canadian home builders, May’s increase in housing starts verges on the miraculous," said NerdWallet Canada spokesperson and real estate financial expert, Clay Jarvis. "We’re still light years away from meeting the housing targets set out by the CMHC, but May’s starts data is a welcome step in the right direction. Maintaining any kind of building momentum is going to be tough.

New Ward 5 Councillor Natalie Hart will move into her role on June 24 — and she’s poised to make big plays in housing.​The subject site of the proposal currently consists of six single-family homes between 132A Street and 133 Street, adjacent to Whalley Athletic Park.Nestled amongst the picturesque natural landscapes that characterize Collingwood, Reverie is an up-and-coming townhome community that will be lined with dream homes, epitomized.

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