08:19 AM EST, 11/19/2025 (MT Newswires) -- Canadian housing starts pulled back sharply in October to a 232,800 annual pace, said Bank of Montreal (BMO).

That brought the year-to-date average down to 256,000, a bit below the bank's call for the year (260,000) but still above last year's overall result of 245,000.

Apartments in the major cities accounted for all of the decline, unsurprisingly in light of the pronounced

weakness in the condo market, stated BMO.

While new activity has cooled, the number of completions remains very strong, pointed out the bank. They are poised to challenge last year's record high, adding heavily to supply and helping contain prices.

The upswing in completions and a "mild" cooldown in starts means that the number of dwellings under construction may have peaked, according to BMO.

Earlier this year, units under construction hit a record high of nearly 360,000 in urban areas -- double the tally just a decade ago, added the bank.