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April Housing Starts Increase in Canada, Driven by Multiunit Projects
The seasonally adjusted annual rate of housing starts was 244,900 units in April, according to Canada Mortgage and Housing Corporation (CMHC). This is up from 214,800 units in March.
“Most of the increase was in the multiples segment. The increase in this segment is partly a reflection of the high level of presales in large multiunit projects since 2011, which is in line with job gains over the last year,” said Mathieu Laberge, deputy chief economist at CMHC’s Market Analysis Centre. “Looking at single-detached homes, 67,700 such units were started across Canada in April, a rate which is consistent with that of the recent past,” added Laberge.
The seasonally adjusted annual rate of urban starts increased by 18.0 percent to 226,200 units in April. Urban single starts increased modestly by 0.6 percent in April to 67,700 units. Meanwhile, multiple urban starts increased by 27.4 percent to 158,500 units.
April’s seasonally adjusted annual rate of urban starts increased by 56.5 per cent in Québec, by 12.2 percent in Ontario, by 6.3 percent in the Prairies and British Columbia, and by 2.6 percent in Atlantic Canada. In each region, the increase was mainly due to multiple starts, particularly in Québec and Ontario. Meanwhile, single-detached starts decreased in April in all regions, with the exception of Ontario (+7.9 percent).
Rural starts were estimated at a seasonally adjusted annual rate of 18,700 units in April.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of high quality, environmentally sustainable and affordable housing solutions. CMHC 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.
Article Date: 2012-05-14
Source: Canadian Mortgage and Housing Corporation
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