CANADIAN STARTS UP
The Canada Mortgage and Housing Corporation (CMHC) delivered some good news today for Canada’s home builders and wood products manufacturers.
In a CMHC news release, the organization reported Canada’s seasonally adjusted annual rate of housing starts was 197,400 units in June, which is up from a revised 194,100 units in May 2011. April 2011 has also been revised to 194,100 units.
“Housing starts increased in June due to an increase in single and multiple starts in Ontario,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre. “The revised numbers show that housing starts have been above their trend line since March. However, we expect housing starts to move back towards levels consistent with demographic fundamentals in the near term.”
The seasonally adjusted annual rate of urban starts increased by 2.2 per cent to 174,600 units in June. Urban single starts were up by 11.1 per cent in June to 70,900 units, while multiple urban starts decreased by 3.1 per cent to 103,700 units.
June’s seasonally adjusted annual rate of urban starts increased by 24.1 per cent in Ontario, and by 5.6 per cent in the Atlantic region. British Columbia posted a decrease of 27.6 per cent over the same period, while urban starts decreased 3.6 per cent in Québec, and by 1.2 per cent in the Prairie region. Rural starts were estimated at a seasonally adjusted annual rate of 22,800 units in June.
CMHC helps Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions and also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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