The six-month trend in housing starts was flat in July compared to June, with a slight decrease of 0.5% to 247,377 units, according to Canada Mortgage and Housing Corporation (CMHC). 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.
CMHC said actual monthly housing starts were down 19% year-over-year in centres with a population of 10,000 or more, with 18,834 units recorded in July, compared to 23,155 units in July 2025. The year-to-date total was 131,851 units, down 4% from the same period in 2025.
The total monthly SAAR of housing starts for all areas in Canada decreased 5% in July (229,074 units) compared to June (240,773 units).
The number of units under construction in centres with a population of 50,000 or more in July was flat, up just 0.6% month-over-month to 373,091 units compared to June. Completions increased with construction finishing on 19,773 units, up 8.1% compared to June. The number of units with approved building permits but not yet started increased 3% month-to-month to 141,480 units in July, said the federal agency.
"July's results show that housing starts are continuing to moderate and new home construction in Canada is evolving as per CMHC's recent Housing Market Outlook Summer Update. 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. Based on the recent slowdown in activity, housing starts are likely to remain subdued over the coming months, reflecting ongoing challenges in bringing new projects to market. At the same time, the large volume of homes already under construction will continue to support completions and add to housing supply,” said Tania Bourassa-Ochoa, Deputy Chief Economist.