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.
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.