Canadian housing starts fall as new projects dry up
The pipeline data told a more complex story. Units under construction in centres of 50,000 or more edged up just 0.6% month-over-month to 373,091, while completions rose 8.1% to 19,773 units, evidence that work already in progress is advancing.
Yet units with approved permits but not yet started climbed 3% to 141,480, a figure brokers and developers are watching for signals on whether delayed launches will eventually convert.
Tania Bourassa-Ochoa, Deputy Chief Economist at CMHC in Ottawa, said the result tracked the agency’s expectations.
“Although the pipeline of homes under construction remains substantial and completions are increasing, fewer new projects are being started in many markets, notably in Vancouver, Calgary and Toronto,” she said.
