The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 10% in May (264,506 units) compared to April (241,111), according to Canada Mortgage and Housing Corporation (CMHC).
The six-month trend in housing starts increased 3.8% from 238,859 units in April to 247,830 units in May. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada, said the federal agency on Monday.
The actual number of housing starts across Canada in urban centres of 10,000 population and over was up 39% to 21,652 units in May compared to 15,606 units in May 2023. The year-over-year increase was driven by higher multi-unit starts, up 49% and higher single-detached starts, up 6%, said the report.
May’s total actual housing starts were higher in two of Canada’s three major cities, with Toronto up 26% and Montréal up 200% compared to May a year ago. Vancouver declined 13%. Montreal’s total starts result was driven by a 59% increase in single-detached starts and a 218% increase in multi-unit starts versus May 2023, it added.
“The focus for homebuilders remains on multi-unit construction in Canada’s major centres as both the SAAR and Trend of housing starts increased in May, following two consecutive months of decline. This was due to growth in actual year-over-year starts, driven by significantly higher multi-unit starts, particularly in Montréal and Québec. While this is good news for housing supply, we do expect downward pressure on starts through the rest of 2024,” said Bob Dugan, CMHC’s Chief Economist.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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