The seasonally adjusted annual rate (SAAR) of total housing starts reached 283,734 units, up slightly from 282,705 the month before.
Urban centres accounted for 261,705 of those units, while rural starts were estimated at 22,029.
The six-month trend measure, a smoother indicator of momentum, rose 3.6% to 253,081 units, the highest since early 2023.
The overall increase was driven by a handful of regions, with British Columbia accounting for the bulk of the gains. Starts in the province rose by 28,000 to an annualized rate of 64,200 units, led by a surge in multi-unit construction in Vancouver, where actual starts jumped 74% year-over-year.
Modest increases in New Brunswick and P.E.I. also helped lift totals in the Atlantic region.
By contrast, starts declined in seven provinces, including Ontario, Quebec and Alberta. Toronto saw actual housing starts plunge 40% compared to June 2024, while Montreal posted an 8% drop—both driven by fewer multi-unit projects.
Despite a “healthy” rate of housing starts, TD Economics expects some of the recent momentum to fade.
“Oversupply in key markets combined with slower population growth is weighing on rents, while high construction costs and near-term economic uncertainty may weigh on sales activity,” wrote TD economist Marc Ercolao.
Still, he noted that “June’s housing starts surpassed expectations, helping second quarter starts growth notch a record gain.”
This, he said, should provide a near-term tailwind for residential investment, “buffering weakness in other areas of the Canadian economy that have been put under stress in the past few months.”
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Last modified: July 16, 2025