Canadian housing starts down from same time last year
By Boundary Sentinel
Canadian housing starts are down from last year’s levels and lower than March, but starts in B.C. are up, said Canada Mortgage and Housing Corporation (CMHC). The seasonally adjusted annual rate of housing starts was 179,000 units in April, according to CMHC. This is down from 184,700 units in March 2011.
“Housing starts moved lower in April mostly because of decreases in multiple construction across the country and in rural starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The multiple segment market in Ontario and Quebec contributed the most to the overall decline in Canada.”
The seasonally adjusted annual rate of urban starts decreased by 1.9 per cent to 160,100 units in April. Urban multiple starts were down by 5.1 per cent in April to 96,000 units, while single urban starts increased by 3.4 per cent to 64,100 units.
April’s seasonally adjusted annual rate of urban starts decreased by 9.4 per cent in Quebec and by 8.0 per cent in Ontario. Urban starts increased by 5.3 per cent in the Prairie region, by 10.4 per cent in the Atlantic region and by 23.5 per cent in British Columbia.
Rural starts were estimated at a seasonally adjusted annual rate of 18,900 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 homes. 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.
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Notes:
1 All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR) — that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. By removing seasonal ups and downs, seasonal adjustment makes it possible to highlight the fundamental trends of a series. Reporting monthly figures at annual rates indicates the annual level of starts that would be obtained if the monthly pace was maintained for 12 months. This facilitates comparison of the current pace of activity to annual forecasts as well as to historical annual levels.
2 CMHC estimates the level of starts in centres with a population of less than 10,000 for each of the three months of the quarter, at the beginning of each quarter. During the last month of the quarter, CMHC conducts the survey in these centres and revises the estimate.
