March Sees Housing Starts Plummet 65% In Toronto, 59% In Vancouver

Canada's housing starts continued to decline in March, driven by significant drops in Toronto and Vancouver. The seasonally adjusted annual rate fell 3.3% from February to March, with a 12.5% year-over-year decrease in actual starts. Toronto and Vancouver saw dramatic declines of 65% and 59%, respectively. In contrast, Montreal experienced a 138% increase in multi-unit starts. The overall decline is linked to low home sales, high construction costs, and tariff uncertainties, making it challenging for new projects to proceed.