June Canadian Housing Starts Up

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in June was 281,373 units, 40.7% higher than May. The SAAR of urban starts grew 45.7% from the previous month to 262,815. Multiple urban starts rose 58.7% to 219,914, while single-family levels increased 2.7% from May to 42,901. The trend in housing starts improved 2.4% to 234,974 in June.

The Canada Mortgage and Housing Corporation (CMHC) uses the six-month trend measure “as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market.”  See CMHC

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