Overview
- CMHC reports January’s seasonally adjusted annual rate of Canadian housing starts at 238,049, a 15% monthly drop, with the six‑month trend down 3.5% for a fourth straight decline.
- Actual January starts diverged across major Canadian cities, with Vancouver up about 37% year over year, Toronto down roughly 2%, and Montreal lower by about 44%, according to CMHC.
- CMHC cites high construction costs, trade uncertainty, softer demand and rising inventories as constraints, noting builders do not expect a quick pickup and that restoring affordability would require roughly 430,000–480,000 new units per year.
- U.S. builder sentiment fell to 36 in February on the NAHB/Wells Fargo index, with 65% of builders using incentives and 36% cutting prices (average 6% reduction), reflecting ongoing affordability pressures.
- U.S. Census data show December 2025 housing starts at a 1.404 million SAAR, up 6.2% from November, while permits were mixed (total up 4.3% month over month but single‑family down 1.7%); for 2025, starts edged down 0.6%, permits fell 3.6% and completions declined 7.9%.