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Housing starts in Canada increased by 3% month-over-month to 239,739 units in January 2025, below market expectations of 251,000 units, according to the Canada Mortgage and Housing Corporation. The seasonally adjusted annual rate (SAAR) of total urban housing starts in centers with populations of 10,000 or more increased by 3% to 220,643 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 19,096 units. Actual housing starts in centers with populations of 10,000 or greater were up 7% year-over-year in January 2025, with Montréal posting a 112% year-over-year increase, reflecting a recovery from historically low levels last year. In contrast, while Vancouver recorded a 37% increase, Toronto fell 41% from January 2024, driven by decreases in multi-unit starts.