BRITISH COLUMBIA – The trend in housing starts was 280,779 units in May 2021, up slightly from 278,462 units in April 2021, 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.
“The national trend in housing starts remained elevated in May, registering a slight increase from April,” said Bob Dugan, CMHC’s chief economist. “In May, higher multi-family SAAR starts offset lower single-detached starts in Canada’s urban areas, contributing to the increase in the National trend. However, Toronto, Vancouver and Montreal starts trended lower in May, as these markets continued to moderate from the historical highs recorded in the first quarter of the year.”
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market. In some situations, analyzing only SAAR data can be misleading, as the multi-unit segment largely drives the market and can vary significantly from one month to the next.
The standalone monthly SAAR of housing starts for all areas in Canada was 275,916 units in May, an increase of 3.2 per cent from 267,449 units in April. The SAAR of urban starts increased by 1.8 per cent in May to 254,647 units. Multiple urban starts increased by 10.9 per cent to 190,530 units in May while single-detached urban starts decreased by 18 per cent to 64,117 units.
Rural starts were estimated at a seasonally adjusted annual rate of 21,269 units.
