Jul 2010 16

Housing starts in June

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Actual is not normal by Kevin Dooley
Actual is not normal
by Kevin Dooley

Canada Mortgage and Housing Corporation released regular monthly report for Canada. According to the latest records, seasonally adjusted annual rate of housing starts reached 189,000 units in June. Moreover, the rate was also revised for two previous months so there are adjusted results for both April and May.

New numbers say we reached 3.7% month over month growth in April 2010 (205,900 starts), while there were 5.1% (195,300 starts) and 3.1% decrease recorded in May and June. Bob Dugan, Chief Economist at CMHC?s Market Analysis Centre, said: "Housing starts decreased during June, largely due to the multiple starts segment in Ontario. The single starts segment was largely unchanged Canada-wide. After a robust start to 2010, we expect the pace of housing start activity to moderate and total 182,000 units by year-end.?

Urban starts reached 167,000 units (2.6% decline). Single urban starts were livelier, with 1.4% increase to 77,800 units, while multiple starts dropped by 5.8% to 89,200 units.

British Columbia reached more positive results than the national average. Urban starts increased by 6.3% in BC (Quebec and the Prairie were better with 11.6% respectively 8.6% growth).Atlantic Canada and Ontario populate the tail with 19.8% respectively 17.4% decrease in urban starts.

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