{"id":19244,"date":"2022-01-24T10:10:00","date_gmt":"2022-01-24T18:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=19244"},"modified":"2022-01-18T10:03:29","modified_gmt":"2022-01-18T18:03:29","slug":"cmhc-the-trend-in-housing-starts-remains-at-very-high-levels","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/01\/cmhc-the-trend-in-housing-starts-remains-at-very-high-levels\/","title":{"rendered":"CMHC The Trend in Housing Starts Remains at Very High Levels"},"content":{"rendered":"

After reporting a slight increase in November, the moving trend for Canadian housing starts dropped in December 2021 according to the latest data from the Canada Mortgage and Housing Corporation (CMHC).<\/p>\n

Last month, the trend in housing starts equalled 260,567 units, a decline from the 267,606 units logged in November.<\/p>\n

This trend measure, according to CMHC, is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The trend measure is used as a complement to the monthly SAAR of housing starts to \u201caccount for considerable swings in monthly estimates,\u201d according to the organization, as well as to get a more complete picture of Canada\u2019s overall housing market.<\/p>\n

Despite the six-month starts trend dipping between November and December, CMHC\u2019s chief economist, Bob Dugan, explained in the data report that the trend in housing starts still remains at very high levels.<\/p>\n

\u201cFor SAAR housing starts in Canada\u2019s urban areas, both single-detached and multi-family starts decreased in December,\u201d said Dugan. \u201cOn a positive note, actual urban housing starts were 21% higher in 2021, adding much needed supply. The increase was driven by higher single-detached (28%) and multi-family (19%) starts and was mainly due to recovery following COVID-19 shutdown measures in 2020.\u201d<\/p>\n

On a trend and monthly SAAR basis, housing starts activity nationwide remains high in historical terms. In December, the standalone monthly SAAR of housing starts across the country was 236,106 units, a 22% decrease from the 303,813 units reported in November.<\/p>\n

The SAAR of urban starts fell 24% last month to 212,918 units, as multiple urban starts dropped 29 per cent to 157,687 units in December. Meanwhile, single-detached urban starts also declined, dropping four per cent to 55,231 units. Rural starts were estimated at a seasonally adjusted annual rate of 23,188 units.<\/p>\n

Between Toronto, Montreal and Vancouver, the latter was the only market to report growth in total SAAR starts during December as a result of higher single-detached and multi-family starts. In Toronto and Montreal, the SAAR of housing starts between November and December decreased 58% and 37%, but rose 41% in Vancouver.<\/p>\n

CMHC considers a housing start to be when construction begins on a building where a dwelling unit is located, usually when concrete has been poured for the footing around the structure, or the equivalent stage when a basement is not a part of the structure.<\/p>\n

CMHC : Housing Starts Slip in December<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

After reporting a slight increase in November, the moving trend for Canadian housing starts dropped in December 2021 according to the latest data from the Canada Mortgage and Housing Corporation … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-19244","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCMHC The Trend in Housing Starts Remains at Very High Levels • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2022\/01\/cmhc-the-trend-in-housing-starts-remains-at-very-high-levels\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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