May 15, 2024

Housing starts for April 2024

OTTAWA, ON, May 15, 2024 /CNW/ – 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%.

April’s actual housing starts were lower in all three major cities in Canada due to decreases in both multi-unit and single-detached starts. Toronto declined 38%, Vancouver fell 30% and Montreal was down 3% compared to April a year ago.

“Both the SAAR and Trend of housing starts decreased in April as did the actual number of starts, largely driven by fewer multi-unit starts, particularly in Ontario. The multi-unit volatility observed in Toronto, Vancouver, and Montréal in recent months is unsurprising as we continue to see last year’s challenging borrowing conditions reflected in multi-unit housing starts numbers. We expect to see continued downward pressure in these large centres,” said Bob Dugan, CMHC’s Chief Economist.

Key Facts:

The monthly SAAR of total urban (centres 10,000 population and over) housing starts was flat at 220,123 units recorded. Multi-unit urban starts decreased 1% to 178,462 units, while single-detached urban starts increased 2% to 41,661 units.The rural starts monthly SAAR estimate was 20,106 units.Total SAAR housing starts were up 41% in Montreal, driven by a 50% increase in multi-unit starts. Vancouver declined 17% due to decreases in multi-unit starts. Toronto fell 12% with both multi-unit and single-detached starts lower.Monthly Housing Starts and Other Construction Data are accessible in English and French on our website and the CMHC Housing Market Information Portal.Housing starts data is available on the eleventh business day each month. We will release the May housing starts data on June 17 at 8:15 AM ET.CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and to obtain a clearer picture of upcoming new housing supply. 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.Definitions and methodology to better understand the foundations of the Starts and Completions and Market Absorption surveys.

As a trusted source of housing information, CMHC provides unbiased housing-related data, research, and market information to help close knowledge gaps, and deepen understanding of complex housing issues to inform future policy decisions. Housing starts facilitate the analysis of monthly, quarterly, and year-over-year activity in the new home market. The data we collect as part of our Starts and Completions and Market Absorption surveys helps us obtain a clearer picture of upcoming new housing supply and is used as part of our various housing reports.

CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to all levels of governments, consumers and the housing industry.

Housing starts for April 2024

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Housing starts for April 2024

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