Canadian Housing Starts Jumped 3.2% in May

Canadian housing starts posted another slight increase in May, rising by an annual pace of 3.2% from the month prior as construction of condos, apartments, and other multi-unit housing projects remain elevated.

According to the Canada Mortgage and Housing Corp. (CMHC), the annual pace of housing starts increased by 3.2% to 275,916 units in May, while urban starts rose 1.8%. Multiple urban starts were up 10.9% to 190,530 units, while single-detached urban starts fell by 18% to 64,117 units last month. Rural starts for May were estimated to sit at a seasonally adjusted annual rate of 21,269 units.

Source: CMHC

“In May, higher multi-family SAAR starts offset lower single-detached starts in Canada’s urban areas, contributing to the increase in the National trend. However, Toronto, Vancouver and Montreal starts trended lower in May, as these markets continued to moderate from the historical highs recorded in the first quarter of the year,” explained CMHC chief economist Bob Dugan.


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

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

ESGold Outlines $24.3 Million NPV For Tailings Reprocessing Project

First Majestic Encounters 711 g/t Silver Equivalent Over 8.0 Metres In Ongoing Exploration At Los Gatos

Related News

Suburban Rent Prices on the Rise as City Exodus Continues

As anticipated, the recent mass exodus out of urban and downtown areas across the US...

Thursday, October 22, 2020, 03:10:00 PM

Canadian Home Prices Reach Record-High Despite November Sales Slump

Although November home sales in Canada showed signs of a slight erosion from their historical...

Wednesday, December 16, 2020, 10:22:43 AM

Ray Dalio: US Headed for a Housing Bubble Amid Low-Interest Rates, High Liquidity Economic Landscape

Ray Dalio, founder of Bridgewater Associates, has revealed his take on the current economic landscape...

Thursday, July 1, 2021, 05:23:00 PM

CMHC Head Romy Bowers to Step Down by Year End

Romy Bowers, President and Chief Executive Officer of the Canada Mortgage and Housing Corporation (CMHC),...

Tuesday, October 31, 2023, 03:07:00 PM

Housing Prices in the Greater Toronto Area Reach New Record High, Surging by 20% in August

As some economic conditions continue to improve across Canada, some markets have seen a substantial...

Thursday, September 3, 2020, 04:15:00 PM