After monthly declines since November 2022, the trend in #housing starts rebounded in June with a 41% month-to-month increase.
Despite the increase, the year-to-date starts were 8% lower than the same period in 2022.
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— CMHC (@CMHC_ca) July 18, 2023
June’s figures were bolstered by a big increase in the annual pace of urban starts, which rose by 46% to 262,815 units. Multi-unit urban starts were up to 219,914, an increase of 59%, while single-detached urban homes came in at 42,901, or 3% higher than May.
Vancouver and Toronto both saw huge improvements in the pace of housing starts, with the former posting an annual rate 71% above the prior month and Toronto seeing its pace double compared with May.
The annual pace of rural starts was 18,558 units in June, with the six-month moving average of the annual pace of housing starts increasing from 229,520 units in May to 234,974 units in June.