Recent data from the Canada Mortgage and Housing Corp. (CMHC) paints an encouraging picture of the Canadian real estate market as November housing starts are up 9.4% from October. A in-depth look into the figures reveals a more nuanced understanding of the market’s current trends and future potential.

Impressive Growth in Housing Starts

The CMHC reported that the annual pace of housing starts rose 9.4% in November. Specifically, the seasonally adjusted annual rate of housing starts reached 254,058 units in November, a significant increase from the 232,245 units reported in October. This uptick indicates a robust construction sector, a critical component of the national economy.

Rural Housing Starts

Interestingly, the annual pace of rural starts was estimated at 20,485 units. Although rural areas typically see less construction activity compared to urban regions, these figures demonstrate that even remote areas are not devoid of development. This could suggest a growing interest in rural living or an expanding population in these areas.

Year-Over-Year Decrease in Major Centres

On the other hand, actual housing starts were down three per cent year-over-year in centres with a population of 10,000 or greater. In November, 21,870 units were reported, compared with 22,501 a year ago. Despite the overall upward trend in housing starts, this slight decrease suggests variations in regional market conditions.

Year-to-Date Housing Starts

The CMHC also provided year-to-date figures, indicating a four per cent increase from the same period in 2024 with a total of 219,077 units. The consistent growth over the year underscores the resilience of the housing market amidst various economic challenges.

Six-Month Moving Average

However, the six-month moving average of the seasonally adjusted annual rate of housing starts was down 1.7 per cent in November at 264,445 units. While this might appear contradictory to the overall growth trend, it’s important to remember that the moving average smooths out monthly fluctuations and provides a more long-term view of the market’s direction.

To sum up, the Canadian housing market has demonstrated significant growth with a 9.4% increase in November’s housing starts compared to October. While there are regional and rural-urban differences, the overall trend signals a robust and resilient market. As we move forward, these trends will be crucial in shaping the future of the Canadian real estate landscape.

Ethan Radcliffe

Ethan Radcliffe is a senior reporter and digital editor at The Toronto Insider, specializing in Canadian federal policy, GTA urban development, and national economic trends. With over a decade of experience in North American journalism, Ethan focuses on translating complex legislative and economic developments into clear, accessible reporting for Canadian readers. Ethan’s work emphasizes policy analysis, government accountability, and data-driven reporting, with a strong focus on how federal and provincial decisions impact communities across the Greater Toronto Area and beyond. He has covered infrastructure planning, housing policy, fiscal strategy, and regulatory changes affecting Canadian households and businesses. A graduate of Toronto Metropolitan University’s School of Journalism, Ethan brings expertise in investigative reporting, long-form analysis, editorial standards, and digital publishing best practices. His reporting is guided by verifiable sources, public records, and transparent sourcing. In addition to reporting, Ethan has experience in newsroom editing, fact-checking workflows, SEO-informed journalism, and audience analytics, ensuring stories meet both editorial integrity standards and modern digital discoverability requirements. Ethan is committed to objective, fact-driven journalism and adheres to established ethical guidelines, prioritizing accuracy, clarity, and public trust in all reporting.

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