Canada’s housing construction trend remained largely unchanged in February, even as monthly starts ticked higher, according to new data from the Canada Mortgage and Housing Corporation.
CMHC reported that the six-month trend in housing starts — measured as the six-month moving average of the seasonally adjusted annual rate (SAAR) — edged up 0.4% in February to 256,005 units.
“The six-month trend in housing starts was essentially flat, indicating that the trend in new construction activity remains relatively steady despite ongoing monthly volatility,” said Kevin Hughes, Deputy Chief Economist at CMHC. “Looking ahead, we expect heightened levels of business uncertainty and construction costs to weigh on the rate and trend of housing starts in the near-to-medium term.”
On a monthly basis, the total SAAR of housing starts across all areas in Canada rose 4.5% in February to 250,900 units, compared to 240,148 units in January.
Actual housing starts in centres with populations of 10,000 or greater increased 10% year-over-year, reaching 15,886 units in February compared to 14,420 units during the same month in 2025. Year-to-date starts totalled 31,974 units, up 5% from the same period last year.
According to CMHC, the year-to-date increase was driven by stronger starts in British Columbia and Ontario. Higher activity across those provinces has so far offset declines in the Toronto region.
Among Canada’s three largest metropolitan areas, February results varied significantly.
Housing starts in Montréal rose 18% year-over-year, supported by increases in both multi-unit and single-detached construction. In Vancouver, starts climbed 60% compared to February 2025, also driven by higher multi-unit and single-detached activity.
Meanwhile, starts in Toronto declined 28% year-over-year due to lower levels of both multi-unit and single-detached construction.
CMHC also reported that the rural starts monthly SAAR estimate was 20,400 units.
As part of its Modernizing Housing Data initiative, CMHC said new housing completions data for centres with populations of 10,000 or more, along with absorption data for centres with populations of 50,000 or greater, is now available through the organization’s Housing Market Information Portal.
Housing starts data, which is released on the eleventh business day of each month, is collected through CMHC’s Starts and Completions Survey and is used to track activity in the new home market and provide insight into upcoming housing supply. The next release, covering March housing starts, is scheduled for April 17.
