Canada Sees Housing Starts Remain Flat In May

Canada’s housing starts remained largely unchanged in May, as the six-month trend in housing starts edged up just 0.8% to 243,407 units, according to data released Monday by Canada Mortgage and Housing Corporation. The trend measure, which smooths out monthly volatility, underscores a steady but subdued pace of homebuilding across the country.

The seasonally adjusted annual rate of total housing starts for all areas in Canada was also essentially flat, slipping 0.2% to 279,510 units in May from 280,181 units in April. Despite this stagnation, actual housing starts in urban centres with populations of 10,000 or more climbed 9% year-over-year, reaching 23,745 units in May compared to 21,814 units a year earlier. The year-to-date total now stands at 90,767 units, up 1% from the same period in 2024.

“Growth in actual starts activity in May was once again driven by increases of single-detached homes and purpose-built rentals in Québec and the Prairie provinces,” said Tania Bourassa-Ochoa, Deputy Chief Economist at Canada Mortgage and Housing Corporation. “By contrast, weak condominium market conditions in Toronto and Vancouver have contributed to significant declines in overall housing starts in these regions.”

Among Canada’s largest cities, Montreal led with an 11 percent year-over-year increase in actual housing starts, buoyed by more multi-unit projects. In contrast, Vancouver saw a 10 percent decline, and Toronto posted a 22 percent drop, both primarily due to fewer multi-unit developments.

Revisions to previous quarters’ data were modest, with net positive adjustments of 87 and 17 units in the third and fourth quarters of 2024, respectively. The latest figures highlight ongoing regional disparities, with robust activity in some provinces offset by softness in key urban markets.


Information for this story was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Snowline Gold: The Multi Billion Dollar Valley PEA

Euro Sun: Rovina Copper-Gold Project Secures Some Major Funding

Arizona Metals: The Disappointing Kay Mine Resource Estimate

Recommended

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Related News

Canada Sees Housing Starts Improve 3.9% In September

Canada witnessed an uptick in housing starts for September, with the trend showing 254,006 units,...

Thursday, October 19, 2023, 06:47:00 AM

January Housing Starts Fall 10% On A Seasonally Adjusted Basis

In January 2024, the Canadian housing market presented a mixed bag of results, underscoring the...

Thursday, February 15, 2024, 09:03:49 AM

Housing Starts Fall 7% Across Canada In March On Seasonally Adjusted Basis

There was a noticeable downturn in the seasonally adjusted annual rate (SAAR) of housing starts...

Tuesday, April 16, 2024, 08:59:55 AM

Canadian Housing Starts Slump in August as Construction Continues to Slow

The pace of housing starts across Canada slowed in August, as new construction continues to...

Friday, September 17, 2021, 02:42:00 PM

Canadian Housing Starts Down 3% in August as Multi-Units Tumble

Canadian housing starts were down between July and August, as the pace of urban starts...

Friday, September 16, 2022, 10:46:31 AM