Canada's Housing Starts Better Than Expected in June

08:32 AM EDT, 07/16/2025 (MT Newswires) -- The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada rose 0.4% month-over-month in June to 283,734 units compared with May's 282,705 units, said Canada Mortgage and Housing Corporation (CMHC) on Wednesday.

June's housing starts were better than the 254,000 consensus figure provided by Mitsubishi UFG.

"Through the first six months of the year, national housing starts have increased marginally compared to 2024, however, new home construction varies significantly across Canada. Quebec and the Prairie provinces have accelerated the pace of construction for single-detached homes and purpose-built rentals," said Kevin Hughes, CMHC's deputy chief economist. "By contrast, weak condo market conditions in Toronto and Vancouver have contributed to declines in overall housing starts in these regions."

Actual housing starts were up 14% year-over-year in centers with a population of 10,000 or greater, with 23,282 units recorded in June, compared with 20,509 units in June 2024. The year-to-date total was 114,411, up 4% from the same period in 2024.

The rural starts monthly SAAR estimate was 22,029 units, added CMHC.

CMHC, the country's national housing agency, defines a housing start as the beginning of construction work on the building where the dwelling unit will be located. It uses a rate adjustment to remove the data's seasonal variations.

MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.