FX.co ★ Canada Housing Starts Miss Expectations in July

Canada’s housing starts fell 5% in July to a seasonally adjusted annual rate of 229,074 units, down from 240,773 in June and below market expectations of 248,000 units. Rural starts were estimated at 11,274 units.

On an actual basis, monthly housing starts in centres with populations of 10,000 or more declined 19% year-on-year, with 18,834 units recorded in July 2026. In Vancouver, starts dropped 42%, reflecting declines in both multi-unit and single-detached construction. Toronto saw a 10% decrease, driven by weaker multi-unit activity. Montréal was an outlier, posting a 3% increase, supported by stronger multi-unit starts.

Year-to-date, housing starts totaled 131,851 units, 4% lower than in the same period of 2025. The six-month trend was essentially stable, edging down 0.5% in July to 247,377 units.