According to new stats released by the Canada Mortgage and Housing Corporation (CMHC), Canadian housing starts were stable in June, with the new numbers hovering around the average mark.
Construction starts cross-country were trending at 184,514 units in June compared to 184,087 in May (the trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts).
“As expected, the trend in total housing starts remained essentially stable in June, for a third consecutive month. This reflects general stability in regional trends over the same period,” said Mathieu Laberge, Deputy Chief Economist at CMHC, in the news release.
“In June, gains in housing starts in British Columbia were offset by declines in other regions of the country.”
The standalone monthly SAAR was 199,586 units in June, a decrease from 204,616 in May. The SAAR of urban starts decreased by 2.7 per cent in June to 177,085 units, with both the single and multiple segments declining in the past month. Single urban starts saw the biggest decrease with a 4.1 per cent drop to 62,743 units in June, while the multiple urban starts segment decreased by 2.0 per cent to 114,342 units. Regionally, urban starts decreased every where but the west coast, with declines recorded in Atlantic Canada, Ontario, Quebec and the Prairies.
In June alone, the actual starts across the country dropped by 12 per cent, year-over-year. On a city by city basis, Toronto saw a 17 per cent drop compared to June 2012, Ottawa-Gatineau starts fell by 20 per cent, Montreal starts declined by 15 per cent, while Calgary starts fell by 23 per cent. On the west coast, Vancouver starts declined by 14 per cent in June 2013 compared to the same time the previous year and Victoria starts fell by 43 per cent
Some of the gainers include Winnipeg, which saw an impressive 90 per cent jump in starts since June 2012, Edmonton, which saw a 67 per cent leap and Hamilton, which eclipsed other southern Ontario cities with a 65 per cent rise in starts.
Photo: Garreth Wilcock/Flickr