We’re seeing a subtle shift in Canada’s housing market as the 6-month trend for housing starts dipped about 1% in mid-Q3, settling near 244,000 annualized units. The monthly annualized pace held steady at approximately 229,000. In larger Canadian centres, actual starts reached 17,700 in the same period—a 2% decline from last year—and the first eight months of this year saw 149,500 starts, down 4%. The volume of homes under construction in cities with more than 50,000 residents slipped by less than 1% month-over-month to 371,700, indicating a robust pipeline even as activity cools. Meanwhile, completions dropped 11% month-over-month to 17,600 units, and permits granted but not yet started nudged up just under 1% to 142,400, suggesting a steady stream of upcoming projects. While housing starts remain higher than in recent years, the overall trend points to continued moderation as we approach year-end. As someone who closely monitors both commercial and residential real estate activity in Quebec, I see these numbers as a helpful barometer for planning ahead and navigating negotiations with greater insight.
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