Housing Starts Slow

The trend in housing starts was 258,295 units in June, up from 252,444 units in May, says a report from Canada Mortgage and Housing Corporation (CMHC). However, the standalone monthly seasonally adjusted annual rates (SAAR) of total housing starts for all areas in Canada in June was 273,841 units, a decrease of three per cent from May. The SAAR of total urban starts also decreased by three per cent to 257,438 units in June. Multi-unit urban starts declined by two per cent to 197,022 units, while single-detached urban starts decreased by four per cent to 60,416 units. “The monthly SAAR was lower in June compared to May; however, the level of housing starts activity in Canada remains historically high and well above 200,000 units since 2020,” says Bob Dugan, CMHC's chief economist. “The decrease in monthly SAAR housing starts in Canada's urban areas was driven by lower single-detached starts in June. Vancouver, BC; Toronto, ON; and Montreal, QC; all recorded higher total SAAR starts, driven by higher multi-unit starts except for Montreal where single-detached starts posted a higher increase.”