Canada's Housing Starts Lower Than Expected in March; CMHC Says Monthly Data Can Be "Volatile"

09:15 AM EDT, 04/17/2026 (MT Newswires) -- The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 6% in March at 235,852 units compared with February's 250,961 units, said the Canada Mortgage and Housing Corp. (CMHC) on Friday.

The March figure was lower than the 258,000 estimate provided by MUFG.

"March housing starts data point to a continued loss of momentum in housing construction, broadly in line with CMHC's housing market outlook. While actual starts increased compared to a year ago, this largely reflects the exceptionally low level of construction activity in the first quarter of last year," said Mathieu Laberge, CMHC's Chief Economist and Senior Vice President, Housing Insights.

"Monthly housing starts can be volatile and difficult to reconcile with conditions experienced by builders and developers on the ground."

Among other highlights, the six-month trend in housing starts was lower in March, with a decrease of 2.9% to 248,378 units. The trend measure is a six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

Actual housing starts were up 10% year-over-year in centres with a population of 10,000 or greater, with 16,398 units recorded in March, compared to 14,935 units in March 2025. The year-to-date total was 49,206 units, up 9% from the same period in 2025, driven by higher starts to begin the year in British Columbia, Ontario and Quebec.

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