Home starts plunge 22% in August
UNSPLASH/Ernie Journeys
New home construction in Canada plunged in August to the lowest level in nine months, on a sharp decline in Toronto and Vancouver, according to data from the Canada Mortgage & Housing Corp.
The number of new home starts by builders plunged 22 per cent last month from July, to 217,405 units on an annualized basis, down from a pace of 279,804 units in July. That’s the lowest level of starts since November 2023. The drop was driven by fewer condo developments, possibly reflecting an oversaturation in the market.
Home starts in Toronto plunged 62 per cent, while starts in Vancouver were down 32 per cent.
