Jun 2010 14

New Housing starts Dropped

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Push me up by Neal Fowler Push me up by Neal Fowler

Canada Mortgage and Housing Corporation (CMHC) released the May results for housing starts in Canada. The seasonally adjusted annual rate of housing starts reached 189,100 units, while in April the results were over 200,000.

Housing starts decreased in both segments, however this trend is consistent with overall prediction made by CMHC, which estimates 182,000 new unit starts for the year 2010.

In May, urban starts lost 9.5%, reaching 165,200 units in May. The majority of decline happened due to 14.1% decline in urban multiple housing starts down to 72,400 units. The only increase recorded was in Atlantic Canada (+23.3%), while?the Prairie region lost 21.8%. Rural starts reached 23,900 units in May.


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