Canadian Housing Starts Trend Increases in June
The trend measure of housing starts in Canada was 197,918 units in June compared to 190,302 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
June saw housing starts pick up increased in Canada, especially in B.C., Ontario, and in the Prairies, but decreased in Atlantic Canada and Quebec.
Housing starts are also trending down in Alberta as a result of high inventories in the new and existing home markets of that province.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market.
The standalone monthly SAAR for all areas in Canada was 218,333 units in June, up from 186,709 units in May.
The SAAR of urban starts increased by 18.1 per cent in June to 202,702 units. Multiple urban starts increased by 26.7 per cent to 142,819 units in June and the single-detached urban starts increased by 1.7 per cent to 59,883 units.