Canadian housing starts trend stable in February

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CMHC/Fordaq
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The trend in housing starts was 225,276 units in February 2018, compared to 224,572 units in January 2018, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“The national trend in housing starts has been very stable since November 2017, masking offsetting trends for multi-unit and single-detached dwellings,” said Bob Dugan, CMHC’s chief economist. “Multi-unit starts have trended higher in recent months in most major urban centres while single-detached starts have trended lower.”

The standalone monthly SAAR of housing starts for all areas in Canada was 229,737 units in February, up from 215,260 units in January. The SAAR of urban starts increased by 7.1% in February to 211,211 units. Multiple urban starts increased by 15% to 154,535 units in February while single-detached urban starts decreased by 9.8% to 56,676 units.

Rural starts were estimated at a seasonally adjusted annual rate of 18,526 units.

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