FX.co ★ Canada Housing Starts Unexpectedly Decline

In March 2025, Canadian housing starts experienced a 3.3% decline from the previous month, totaling 214,155 units compared to 221,405 units in February. This figure also fell short of the market's projected 242,500 units. Specifically, urban housing starts in regions with populations exceeding 10,000 decreased by 2.8%, amounting to 203,285 units versus February's 209,093 units. Rural housing starts, however, remained steady at 10,870 units. Examining an annual perspective, actual urban housing starts witnessed a 12.5% drop, with 14,924 units being initiated in March 2025, down from 17,052 units in the corresponding month of the previous year. When focusing on Canada’s three major cities, Vancouver faced a significant 59% reduction, and Toronto encountered a dramatic 65% decrease since March 2024. These declines were attributed to reduced activity in both multi-unit and single-family housing starts. Conversely, Montreal posted a remarkable 138% increase year-over-year, driven by a surge in multi-unit construction starts.