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Canadian Housing Starts Fall in May

The standalone monthly seasonally adjusted annual rate (SAAR) of Canadian urban starts in May fell 14.4% from April to 186,946 units. Multiple urban starts dropped 18.5% to 141,851 and single-family levels rose 1.8% to 45,095 from April. The six-month moving average of monthly starts in May totaled 201,983, down 1.8% from the previous month. 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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