Canadian housing starts drop sharply in January 2023

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 13% in January (215,365 units) compared to December (248,296 units) according to Canada Mortgage and Housing Corporation (CMHC).

The SAAR of total urban starts declined 16%, with 191,491 units recorded in January. Multi-unit urban starts declined 20% to 146,267 units, while single-detached urban starts increased 3% to 45,224 units.