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Canada Housing Starts Drop 16% in August, Miss MUFG Forecast

BY MT Newswires | ECONOMIC | 09/16/25 08:33 AM EDT

08:33 AM EDT, 09/16/2025 (MT Newswires) -- The seasonally adjusted annual rate (SAAR) of housing starts across Canada fell 16% in August to 245,791 units from 293,537 in July, Canada Mortgage and Housing Corp. (CMHC) said Tuesday.

August's total missed the 280,000 consensus estimate from MUFG.

"The slowdown in the SAAR that we saw in August is notable as it is well below the six-month trend line," said Kevin Hughes, CMHC's deputy chief economist, in a statement.

"If sustained, this adjustment in the level of housing starts would be consistent with both our forecast and current market intelligence indicating a slowdown in the pace of housing construction."

Actual housing starts rose 10% year over year in centers with populations of 10,000 or more, to 18,408 units from 16,775 in August 2024. Year-to-date starts totaled 156,283, up 4% from the same period a year earlier, CMHC said.

The rural starts SAAR was 22,063 units.

CMHC defines a housing start as the beginning of construction on the building containing the dwelling unit and adjusts the data to remove seasonal effects.

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

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