Canada’s total housing starts fell -16% MoM to a SAAR of 245.8k units in August 2025, but were up 10% YoY, reflecting strong gains in major centres despite monthly volatility.

• The 6-month trend measure of housing starts rose 1.6% to 267.3k units, showing steady underlying momentum.

• Actual housing starts in centres with 10k+ residents increased 10% YoY to 18,408 units (vs 16,775 in August 2024).

• Montréal posted a 32% YoY surge, led by significantly higher multi-unit activity.

• Vancouver recorded a 46% YoY increase, with gains in both multi-unit and single-detached starts.

• Toronto housing starts were broadly unchanged compared with August 2024.

• Urban starts fell -18% MoM to 223.7k units (SAAR), while rural starts were estimated at 22.1k units.