Canadian Housing Starts Trend Lower in June

Housing starts across Canada cooled slightly in June, but still remained elevated as real estate activity maintains its momentum well above historical levels.

According to data published by the Canada Mortgage and Housing Corporation (CMHC) on Friday, the six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of housing starts rose to 293,567 units in June, up from 284,837 units in the month prior. “The six-month trend in housing starts remained elevated in June, despite recent moderation in single-detached starts from the highs recorded in the first quarter of 2021,” said CMHC chief economist Bob Dugan.

Housing Starts in Canada – All Areas (CNW Group/Canada Mortgage and Housing Corporation)

However, the standalone monthly SAAR of housing starts across all regions in Canada trended 1.5% lower in June, as the number of units fell from 286,296 to 282,070 units. Single-detached urban starts fell by 8.5% to 60,105 units, while multiple urban starts rose by a modest 0.6% to 191,085 units. The CMHC estimated that rural starts stood at a seasonally adjusted annual rate of 30,880 units.


Information for this briefing was found via 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.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

Giant Mining Encounters Native Copper As Hole MHB-34 Hits 563 Metres Depth

Verses Hits Commercialization Stage With Genius AI Platform

Related News

Rent Crisis Imminent as Eviction Moratoriums Expire, Employment Benefits Run Out

As many of the extensive measures such as eviction moratoriums and employment benefits introduced by...

Thursday, July 30, 2020, 03:19:00 PM

Home Sales in the Greater Toronto Area Show Signs of Rebound in May

When the coronavirus pandemic made its way into Canada in February, a series of lockdown...

Thursday, June 4, 2020, 11:13:00 AM

Canadian Housing Starts Fall 5.3% in October

The pace of housing starts across Canada is showing signs of losing momentum, which could...

Wednesday, November 17, 2021, 02:41:00 PM

US Mortgage Lenders Are Going Belly Up, Is It Going To Be Like 2008?

With the current situation of the real estate market, it’s not surprising that market watchers...

Tuesday, August 30, 2022, 01:33:00 PM

CMHC Urges Private Mortgage Issuers to Observe New Rule Changes on Borrowing Requirements

Canada’s housing authority has recently released a statement urging the country’s private mortgage lenders to...

Wednesday, August 12, 2020, 05:15:46 PM