Total housing starts in Canada up 0.4% MoM to a SAAR of 283.7k units in June, following 282.7k units in May. The 6-month trend measure rose 3.6% to 253.1k units.

• Urban SAAR was little changed at 261.7k units, while rural starts were estimated at 22.0k.
• Actual housing starts in centers with 10,000+ population rose 14% YoY to 23,282 units from 20,509 in June 2024.
• Vancouver starts surged 74% YoY, led by strong growth in multi-unit construction.
• Montréal starts fell -8% YoY due to fewer multi-unit projects.
• Toronto starts dropped -40% YoY, also driven by a decline in multi-unit activity.