Canadian Housing Starts Edge Down 1% in April

By Canada Mortgage and Housing Corporation
Cision Newswire
May 15, 2024
Category: Finance & Economics
Region: Canada

OTTAWA — The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada decreased 1% in April (240,229 units) compared to March (242,267), according to Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts decreased 2.2% from 243,907 units in March to 238,585 units in April. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada. The actual number of housing starts across Canada in urban centres of 10,000 population and over was down 9% to 18,486 units in April compared to 20,231 units in April 2023. The year-over-year decrease was driven by lower multi-unit starts, down 11%, whereas single-detached starts increased 3%. …”We expect to see continued downward pressure in these large centres,” said Bob Dugan, CMHC’s Chief Economist.

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