Housing Starts Remain High

The trend in housing starts was 293,567 units in June, up from 284,837 units in May, says the Canada Mortgage and Housing Corporation (CMHC). Additionally, the standalone monthly seasonally adjusted annual rates (SAAR) of housing starts for Canada was 282,070 units in June, a decrease of 1.5 per cent from 286,296 units in May, whereas multiple urban starts increased by a slight 0.6 per cent to 191,085 units in June and single-detached urban starts decreased by 8.5 per cent to 60,105 units. "The six-month trend in housing starts remained elevated in June, despite recent moderation in single-detached starts from the highs recorded in the first quarter of 2021," says Bob Dugan, chief economist for CMHC. "In June, lower single-detached SAAR starts offset a slight increase in multi-family SAAR starts in Canada's urban areas, leading to a decline in overall SAAR starts for the month. However, the level of activity remains elevated by historical standards.” The Vancouver, BC; Toronto, ON; and Montreal, QC; markets showed strong growth.