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.
“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.