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Housing starts in Canada rose 9.4% month-on-month in November 2025, rebounding from a 17% decline in October to reach a seasonally adjusted annual rate of 254,058 units, slightly above the market expectation of 250,000. Urban housing starts in centres with populations over 10,000 increased 11% to 233,573 units, while rural starts were 20,485 units. Among major urban areas, Montreal saw a 24% year-on-year surge, partially offsetting declines in Toronto (-11%) and Vancouver (-1%).