Canadian housing starts trend decreased in May

June 12, 2019
Source:
CMHC/Fordaq
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The national trend in housing starts decreased in May as a result of continuing decline in the trend for single starts as well as a decline in the trend of multi-unit starts that follows gains in this segment in recent months, in urban areas.

The decrease in the trend of multi-unit starts reflects a decline in the seasonally adjusted annual rate (SAAR) level of multi-unit activity in May from the unusually elevated level registered in April, which leaves multi-unit SAAR starts closer to its 10-year average.

The trend in housing starts was 201,983 units in May 2019, compared to 205,717 units in April 2019. This trend measure is a six-month moving average of the monthly SAAR of housing starts.

The standalone monthly SAAR of housing starts for all areas in Canada was 202,337 units in May, down 13.3% from 233,410 units in April. The SAAR of urban starts decreased by 14.4% in May to 186,946 units. Multiple urban starts decreased by 18.5% to 141,851 units in May while single-detached urban starts increased by 1.8% to 45,095 units.

Rural starts were estimated at a seasonally adjusted annual rate of 15,391 units.