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- Canadian housing starts stable in May
Canadian housing starts stable in May
The trend in housing starts was 214,621 units in May 2017, compared to 213,435 units in April 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"Housing starts trended higher in May in Canada's urban areas", said Bob Dugan, CMHC's Chief Economist. "Row and apartment units led the upward move, while construction has slowed for pricier single- and semi-detached houses."
Apartment construction continues to drive the residential market in Halifax with year-to-date apartment starts more than double 2016 levels. The single-detached demand is also picking up pace following a couple years of decline. Year-to date, single-detached construction has grown by 16 percent.
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