The annual pace of housing starts slowed across the country in June, while the six-month moving average increased by 8,730 starts, according to Canada Mortgage Housing Corporation (CMHC).
The national housing agency says the standalone monthly seasonally adjusted annual rate (SAAR) of housing starts fell 1.5% to 282,070 units in June compared with 286,296 in May. During the same period, urban starts also decreased by 1.8% to 251,190 units.
However, multiple urban starts increased by a slight 0.6% to 191,085 units in June while single-detached urban starts decreased by 8.5% to 60,105 units.
CMHC
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The national housing agency says the trend in housing starts -- the six-month moving average of the monthly SAAR --- was 293,567 units in June, up from 284,837 units in May 2021.
“The six-month trend in housing starts remained elevated in June, despite recent moderation in single-detached starts from the highs recorded in the first quarter of 2021,” said Bob Dugan, CMHC's chief economist.
“In June, lower single-detached SAAR starts offset a slight increase in multi-family SAAR starts in Canada’s urban areas, leading to a decline in overall SAAR starts for the month. However, the level of activity remains elevated by historical standards, both on a trend and monthly SAAR basis," added Dugan.
Dugan noted that the markets of Vancouver, Toronto, and Montreal registered particularly strong growth in total SAAR starts in June, driven by the multi-family segment.
