Canadian housing starts remain steady

Housing starts in Canada were trending at 184,514 units in June compared to 184,087 in May, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates of housing starts.

“As expected, the trend in total housing starts remained essentially stable in June, for a third consecutive month. This reflects general stability in regional trends over the same period. As a result, the trend in national housing activity remains close to its historical average and is in-line with estimates of household formation,” says Mathieu Laberge, deputy chief economist at CMHC. “In June, gains in housing starts in British Columbia were offset by declines in other regions of the country.”

June’s seasonally adjusted annual rate of urban starts increased in British Columbia. Urban starts decreased in all other regions, including Atlantic Canada, Ontario, Quebec and the Prairies.

Rural starts were estimated at a seasonally adjusted annual rate of 22,501 units in June.

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