The number of Canadian housing starts was trending at 212,400 units in May, which is down from 243,800 in April, according to new data released by the Canada Mortgage and Housing Corp. (CMHC).
The seasonally adjusted annual rate of urban starts decreased by 15.8% to 189,600 units in May. Urban single starts decreased by 4.2% to 64,300 units, while multiple urban starts decreased by 20.7% to 125,300 units.
May's seasonally adjusted annual rate of urban starts decreased by 35.8% in Quebec, by 18.3% in Ontario and by 7.7% in the Prairies. Urban starts increased by 6.4% in Atlantic Canada and by 20.9% in British Columbia. Rural starts were estimated at a seasonally adjusted annual rate of 21,800 units in May.
‘As anticipated, the pace of housing starts observed in April was not sustained in May. In fact, the pace in May was more in line with the average over the last six months,’ says Mathieu Laberge, deputy chief economist at the CMHC's Market Analysis Center. ‘Although some ups and downs are likely to continue in the months ahead, the pace of housing starts should trend lower as the year progresses.’