Canadian housing starts trend declines in May

Source:
CMHC/Fordaq
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The trend in housing starts was 216,362 units in May 2018, compared to 225,481 units in April 2018, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“In May, the national trend in housing starts declined following several months of stability,” said Bob Dugan, CMHC’s chief economist. “This reflects a decline in multi-unit urban starts in May that leaves them close to their 10-year average following several months of historically elevated levels.”

The standalone monthly SAAR of housing starts for all areas in Canada was 195,613 units in May, down from 216,775 units in April. The SAAR of urban starts decreased by 11.1% in May to 178,201 units. Multiple urban starts decreased by 16.4% to 119,811 units in May while single-detached urban starts increased by 2.0% to 58,390 units.

Rural starts were estimated at a seasonally adjusted annual rate of 17,412 units.

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