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April Canadian Housing Starts Drop

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in April was 268,631 units, down 19.8% from a record-setting March. The SAAR of urban starts decreased 16.9% to 251,504 in April. Multiple urban starts fell 22.8% to 251,504 and single-family levels dipped 0.1% from March to 78,918.

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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