Canadian housing starts were trending at 184,438 units in May 2014, from 183,872 in April, 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 May, the trend in housing starts was virtually unchanged for the third consecutive month. 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 Bruno Duhamel, Manager, Housing and Economic Analysis. “Builders are expected to continue to manage their starts activity in order to ensure that demand from buyers seeking new units is first channeled toward unsold completed units or unsold units that are currently under construction, including condominium units.”
May's standalone monthly SAAR was 198,324, up from 196,687 in April. The SAAR of urban starts increased to 180,813 units. Multiple urban starts decreased to 117,709 units while the single-detached urban starts segment increased to 63,104 units.
to Daily News