Canada Mortgage and Housing Corporation said the annual pace of housing starts in January declined by 10 percent compared to December.

The National Housing Agency continued that the seasonally adjusted annual rate of housing starts reached 223,589 units for the first month of the year compared to 248,968 in December 2023.

This decline came with an 11 percent decrease in the annual pace of urban housing starts to 208,119 units, a 14 percent decrease in the pace of multi-unit urban housing starts to 164,789 units, and a 0.08 percent increase in the pace of starts in separate urban areas to 43,330 units.

The annual rate of housing starts in Toronto rose by 179 percent, supported by an increase in multi-unit construction, while Montreal fell by 28 percent and Vancouver declined by 55 percent due to the drop in multi-unit construction starts.

The annual rural starts rate is estimated at 15,470, and the six-month moving average of the seasonally adjusted monthly annual rates of housing starts in January was 244,827, down two percent from 249,757 units in December 2023.