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CMHC - Monthly Housing Starts - July 2025
September 3, 2025 | Posted by: Paul Gazzola
Canadian Monthly Housing Starts and Other Construction Data Tables - July 2025
At our mortgage brokerage, we make it a priority to follow the Canada Mortgage and Housing Corporation's (CMHC) monthly housing starts data. These figures aren't just numbers, they reflect the health of Canada's housing market and give homebuyers, sellers, and investors valuable insight into supply, demand, and future opportunities.
The July 2025 report shows notable shifts across the country, and we're here to break down what it means for you.
Key Highlights - July 2025
- Six-Month Trend (SAAR)
The six-month moving average of the seasonally adjusted annual rate (SAAR) of total housing starts climbed 3.7% in July to 263,088 units. This upward momentum highlights the resiliency of Canada's construction sector.
- Monthly Seasonally Adjusted Annual Rate (SAAR)
The standalone SAAR rose 4% from 283,523 in June to 294,085 units in July.
Urban centres (pop. 10,000+) saw a 5% increase to 273,618 units.
Rural starts accounted for 20,467 units.
- Year-Over-Year (YoY) Actual Starts (Centres, pop. 10K+)
Canada recorded 23,464 actual housing starts in July, a 4% increase from 22,610 a year ago. Year-to-date, the total stands at 137,875 starts, also up 4% compared to 2024.
- Regional Highlights
Montréal: Surged with a 212% YoY increase, largely driven by multi-unit projects.
Vancouver: Posted a solid 24% YoY gain, reflecting continued multi-unit demand.
Toronto: Fell sharply with a 69% YoY decline, showing weakness in both single-detached and multi-unit segments.
Broader Canadian Market Context
Housing starts continue to show strength across Canada, with multi-unit activity leading the way. Markets such as Québec and the Maritimes are seeing outsized growth.
Demand for rental housing, demographic shifts, and earlier permit approvals are fueling these numbers. However, slowing population growth and higher vacancy rates could temper activity in 2026.
What This Means for Our Clients
For Buyers and Investors: In markets like Montréal and Vancouver, new supply means more opportunities to purchase condos, townhomes, and investment properties. Toronto's dip in starts, however, signals tighter supply, which could keep prices elevated.
For Sellers: Sellers in growth regions may face more competition from new builds, while Toronto sellers may continue to benefit from limited supply.
For Developers and Builders: Strong multi-unit activity presents opportunities for construction financing. Still, every region carries unique risks, so it's important to structure financing carefully.
For Families Planning Ahead: Keep in mind that today's starts will take months, if not years, to translate into completed homes. For clients considering pre-construction purchases or development mortgages, timing is critical.
Quick Snapshot - July 2025
| Metric | July 2025 | Change (YoY / MoM) |
|---|---|---|
| Six-Month Trend SAAR | 263,088 units | +3.7% from June |
| Total Monthly SAAR | 294,085 units | +4% from June |
| Urban (pop. 10K+) SAAR | 273,618 units | +5% |
| Rural SAAR | 20,467 units | - |
| Actual Starts (pop. 10K+ centres) | 23,464 units | +4% vs July 2024 |
| Year-to-Date Actual Starts | 137,875 units | +4% |
| Montréal YoY Growth | +212% | - |
| Vancouver YoY Growth | +24% | - |
| Toronto YoY Decline | -69% | - |
What's Next?
The July 2025 CMHC housing starts data shows Canada's construction sector continues to adapt to housing demand, particularly in the multi-unit space. Montréal and Vancouver are thriving with strong growth, while Toronto lags behind.
For our clients, these trends reinforce the importance of local expertise. Whether you're buying, selling, investing, or building, our team is here to guide you with mortgage strategies that align with Canada's evolving housing landscape.
Reference: ref: CMHC Website
