Canada's homebuilding sector saw a 19% year-over-year decline in urban housing starts in July, with 18,834 units started compared to 23,155 the previous year. Rising development costs and weaker buyer demand continue to pressure new project launches. The seasonally adjusted annual rate fell 5% to 229,074 units. While Montréal saw a 3% increase, markets like Vancouver, Calgary, and Toronto experienced slower activity. Units under construction rose slightly, and completions increased 8.1%, but approved permits not yet started also grew 3%, indicating delayed launches.
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