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Housing starts in Canada declined 16% in August 2025 to 245,791 units from a revised 293,537 in July and well below market expectations of 277,500. The seasonally adjusted annual rate (SAAR) of total urban housing starts in centers with populations of 10,000 or more declined by 18% to 223,728 units from 272,330 units in July. Rural starts were estimated at 22,063 units. Actual housing starts in urban centers rose 10% year-over-year, with Montréal posting a 32% year-on-year increase driven by stronger multi-unit activity, Vancouver posting a 46% gain on higher multi-unit and single-detached starts, and Toronto posting roughly the same level as in August 2024.