Overview
- CMHC’s six-month moving average fell 3.5% in January to 254,794 units, the fourth consecutive monthly decline.
- January’s decline more than reversed December’s increase, pulling the seasonally adjusted annual rate down from 280,668.
- Actual starts in centres with populations of 10,000 or more rose 1% year over year to 16,088 units.
- Large-city results diverged: Vancouver rose 37% year over year, Toronto slipped 2%, and Montreal fell 44%.
- For 2025, total starts reached 259,028, up 5.6% from 2024, with rentals driving gains as the federal Build Canada Homes program launched with $13 billion to spur construction.