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Housing starts in Canada rose by 8.4% month-over-month to 262,400 units in November 2024, the highest level in four months and above market expectations of 248,200 units, according to the Canada Mortgage and Housing Corporation. The seasonally adjusted annual rate (SAAR) of total urban housing starts increased by 9.2% to 245,083 units, driven by a 10.7% rise in multi-unit urban starts to 195,281 units and a 3.8% increase in single-detached urban starts to 49,802 units. The SAAR estimate for rural starts stood at 17,360 units. Year-to-date housing starts from January to November 2024 are up 22% in Montréal compared to 2023, reflecting a recovery from historically low levels last year. In contrast, Vancouver and Toronto remain below 2023’s historically high levels, with declines of 14% and 20% year-to-date, respectively.