May Housing Starts Increase Slightly

The trend in housing starts was 280,779 units in May, up slightly from 278,462 units in April, says the Canada Mortgage and Housing Corporation (CMHC). "The national trend in housing starts remained elevated in May, registering a slight increase from April," says Bob Dugan, CMHC's chief economist. "In May, higher multi-family seasonally adjusted annual rate (SAAR) starts offset lower single-detached starts in Canada's urban areas, contributing to the increase in the national trend. However, Toronto, ON; Vancouver, BC; and Montreal, QC; starts trended lower in May, as these markets continued to moderate from the historical highs recorded in the first quarter of the year." The standalone monthly SAAR of housing starts for all areas in Canada was 275,916 units in May, an increase of 3.2 per cent from 267,449 units in April. The SAAR of urban starts increased by 1.8 per cent to 254,647 units. Multiple urban starts increased by 10.9 per cent to 190,530 units while single-detached urban starts decreased by 18 per cent to 64,117 units.