Canada's Housing Starts Much Better Than Expected in July, Says CMHC

08:37 AM EDT, 08/18/2025 (MT Newswires) -- The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada rose 4% month-over-month in July to 294,085 units, said Canada Mortgage and Housing Corporation (CMHC) on Monday.

July's housing starts were much better than the 265,000 consensus figure provided by Mitsubishi UFG.

The "persistently elevated national results are reflective of investment decisions made months or even years ago, highlighting the influence of previous market conditions and builder sentiment on current construction trends," said Tania Bourassa-Ochoa, CMHC's deputy chief economist, in a statement.

Housing starts also advanced 4% year-over-year in centers with a population of 10,000 or greater, with 23,464 units recorded in July, compared with 22,610 units in July 2024. The year-to-date total was 137,875, up 4% from the same period in 2024, stated CMHC.

The rural starts monthly SAAR estimate was 20,467 units.

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.

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