May Canadian Housing Starts Weaken

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in May was 202,494 units, 22.5% lower than April. The SAAR of urban starts decreased 24.3% from April to 182,842. Multiple urban starts dropped 30.5% to 139,890, while single-family levels rose 6.3% from April to 42,952. The trend in housing starts fell 4.2% to 230,205 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 CMHC

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