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Canada Housing Starts Rise 3% in September, but Down 11% YoY

  • by- Grihik
  • Oct 17, 2026
CMHC says starts rose to 248,896 annualized in September, but actual urban starts fell 11% year over year. Montreal, Vancouver, Toronto compared.
Canada Housing Starts Rise 3% in September, but Down 11% YoY

Canadian homebuilders started more homes in September, with the seasonally adjusted annual rate rising about 3% to 248,896 units from a revised 242,223 in August, Canada Mortgage and Housing Corporation (CMHC) reported on Friday.

What are the key numbers?

  • Six-month trend: up 0.6% to 250,411 units, effectively flat

  • Actual starts in centres of 10,000 or more people: 19,984 units, down 11% from 22,375 in September 2025

  • January to September: 170,964 starts, down 4% from the same period last year

  • Rural starts: estimated at an annual pace of 18,094

  • Completions: down 0.9% from August to 17,398 units, according to coverage of the release

 

How did the big cities do?

  • Montreal: the six-month trend fell 8% on lower multi-unit starts

  • Vancouver: the trend rose 6% on higher multi-unit starts

  • Toronto: the trend was flat, as single-detached and multi-unit starts offset each other

Of Canada's four most populous provinces, only Quebec has seen modest gains in starts in 2026, and all seven major centres CMHC tracks are behind 2025's pace.

What does CMHC say?

Deputy chief economist Aled ab Iorwerth said Canada still faces a long-term housing supply gap and that, unless construction increases, the affordability improvements since 2023 will be hard to sustain.