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Housing starts in Canada plunged by 13.35% month-over-month to 231,500 units in December 2024, the lowest level in three months and below market expectations of 245,000 units, according to the Canada Mortgage and Housing Corporation. The seasonally adjusted annual rate (SAAR) of total urban housing starts decreased by 13.65% to 214,000 units, driven by a 14.7% drop in multi-unit urban starts to 168,515 units and a 9.54% decrease in single-detached urban starts to 45,485 units. The SAAR estimate for rural starts stood at 17,468 units. Year-to-date housing starts from January to December 2024 are up 15% 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 15% and 20% year-to-date, respectively.