May Canadian Housing Starts Rise
The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in May was 275,916 units, up 3.2% from April. The SAAR of urban starts rose 1.8% to 254,647 in May. Multiple urban starts rose 10.9% to 190,530 and single-family levels dropped 18% from April to 64,117.
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