Canadian Housing Starts Decrease in May
Canadian housing starts in May totaled 196,750 units, dropping from 198,644 in April. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
The standalone monthly seasonally adjusted annual rate (SAAR) for May, excluding Quebec, was 20.4% lower than the prior month. The SAAR of urban starts, again excluding Quebec, decreased 21.6%, with multi-family urban totals down 27.2% and single-family levels falling 3.9%.
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