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Housing starts fall in May PDF Print E-mail
Written by HGO Staff   

OTTAWA (18 June 2012) - On a seasonally adjusted and annualized basis, housing starts totalled 211,400 united in May, according to the latest figures from Canada Mortgage & Housing Corporation (CMHC). That's down from 243,800 units in April and a decline of 13.3%.

"As anticipated, the pace of housing starts observed in April was not sustained in May. In fact, the pace in May was more in line with the average over the last six months," CMHC deputy chief economist Mathieu Laberge said in a statement.

"Although some ups and downs are likely to continue in the months ahead, the pace of housing starts should trend lower as the year progresses," he added.

As has been the case for some time, multi-units starts (apartments, condominiums and the like) continue to outpace single home starts. Most analysts attributed the big jump in multi-starts in April to an unusual number of projects breaking ground at the same time. Most agreed the fallback in May was a good thing as housing starts were beginning to seriously outpace the anticipated formation of new households this year.

Urban starts fell 15.8% to 189,600 units in May with single starts dropping by 4.2% to 64,300 units and multiples decreasing 20.7% to 125,300 units.

Regionally, urban starts fell 35.8% in Quebec; by 18.3% in Ontario; and by 7.7% in the Prairies. Urban starts gained 6.4% in Atlantic Canada and 20.9% in British Columbia.

Rural starts were estimated at a seasonally adjusted annual rate of 21,800 units in May.

Image
Chart courtesy of Canada Mortgage & Housing Corporation.

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