September housing starts rise at an annualized pace, while actual counts lag

Canada’s monthly seasonally adjusted annual rate of housing starts rose 3% to 248,896 in September 2026, CMHC reported on Oct. 16. The August rate was 242,223.

That annualized measure differs from the actual number of homes started. In centres with at least 10,000 people, actual September starts totalled 19,984, down 11% from 22,375 a year earlier.

Across those same centres, actual starts from January through September totalled 170,964, a 4% decline from the equivalent period of 2025. The year-to-date comparison provides a broader view than a single monthly annualized reading.

An annualized rate expresses the pace after seasonal adjustment; it is not a count of homes built during September. The release therefore supports a measured reading of the pipeline: the monthly pace improved, while actual urban starts remained below their year-earlier levels.

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