WRE NEWS January 19, 2025
Buyer
Canada recorded 245,120 housing starts in 2024, up 2% year-over-year, according to data from the Canada Mortgage and Housing Corporation (CMHC).
The vast majority of housing starts (245,120) were in markets with populations of 10,000 and greater, while an estimated 17,423 were rural housing starts. Canada’s six largest Census Metropolitan Areas (CMAs) saw a combined 3% year-over-year decrease from 2023 (Table 1), driven by lower starts levels in Vancouver, Toronto, and Ottawa where multi-unit starts fell due to weak pre-construction condominium sales. In comparison, higher starts activity was recorded in Calgary, Edmonton, and Montreal.
The six-month trend in housing starts was flat (-0.7%) in December at 242,637 units, while the total monthly SAAR of housing starts for all areas in Canada decreased 13% in December (231,468 units) compared to November (267,140 units).
“Canada’s urban centers saw an uptick in housing starts in 2024 compared to last year, marking the third-highest year on record.” said Mathieu Laberge, CMHC’s chief economist and senior vice president of market insights. “While this annual increase shows some signs of progress, Canada still needs significantly higher supply growth to restore affordability in urban centers. Last Spring, we estimated Canada could build up to 400,000 new housing units annually, based on current resources devoted to residential construction.”
Stay up to date on the latest real estate trends.
Buyer
June 19, 2025
There’s a misconception going around that you have to put 20% of the purchase price down when you buy a home.
Lifestyle
June 19, 2025
A well-planned, beautiful garden includes layers of color and texture, overflowing with annuals and perennials, flowering shrubs, and walkway border plants.
Buyer
June 18, 2025
Tiny home living isn’t for everyone, but there are endless benefits to embracing the limits of a small floor plan.
Lifestyle
June 18, 2025
Sleep is commonly elusive.
Seller
June 17, 2025
Selling your house without an agent as a “For Sale by Owner” (FSBO) may be something you’ve considered.
Buyer
June 17, 2025
Home inspections may seem like yet another barrier standing between you and your dream home, but skipping the step can have major consequences.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today