May Canadian Housing Starts Improve

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in May was 264,506 units, 9.7% higher than April. The SAAR of urban starts in May was up 11.2% from the previous month at 246,111. Multiple urban starts grew 13.4% to 203,141, and single-family levels rose 1.9% from April to 42,970. The six-month trend in housing starts increased 3.8% to 238,859 in May.

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 CHMC

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