Canadian housing markets show regional divergence in September

New data reveals a significant split in Canadian housing markets. In Toronto, housing starts fell 61% in September compared to the previous year, with only 1,440 homes started. Montreal also saw a 51% decline. Conversely, Calgary and Vancouver reported gains, with Calgary leading the five largest markets in absolute starts.

In British Columbia, a regional divide has emerged. While southern markets like Greater Vancouver and Chilliwack experienced sales declines, Northern B.C. remained relatively steady. Northern B.C. saw a minor 2.7% decline in units sold, which remained 4.9% above the regional five-year average, while average home prices in the north rose 7.6% year-over-year.

Nationally, the seasonally adjusted annual rate of housing starts rose approximately 3% to 248,896 units. Despite fluctuations, the Canada Mortgage and Housing Corp. notes that six-month trends suggest some volatility in monthly counts rather than a sustained collapse in certain sectors.