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Canadian Housing Starts Little Changed in April
May 14, 2014
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Canadian Housing starts in April were trending at 183,515 units, from 184,602 in March, according to Canada Mortgage and Housing Corporation (CMHC).

The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“In April, the trend in housing starts was essentially stable at 183,515 units. This is in-line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014,” said Mathieu Laberge, Deputy Chief Economist. “Over the remainder of the year, builders are expected to continue to adjust activity, particularly with respect to multiples, in order to manage inventory levels.”

CMHC said it uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of the housing market. CMHC said analyzing only SAAR data might be misleading in some markets largely driven by multi-family housing, which can see large monthly fluctuations.

The standalone April SAAR was 194,809 units, up from 156,592 in March. April urban starts were 176,792 units. April multi-family housing urban starts were 117,612 units. April single-detached urban starts were 59,180 units.

Rural starts were estimated at a seasonally adjusted annual rate of 18,017 units.

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