{"id":20132,"date":"2022-06-21T10:10:00","date_gmt":"2022-06-21T17:10:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=20132"},"modified":"2022-06-15T11:35:02","modified_gmt":"2022-06-15T18:35:02","slug":"new-home-construction-starts-trended-lower-but-activity-remains-high","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2022\/06\/new-home-construction-starts-trended-lower-but-activity-remains-high\/","title":{"rendered":"New Home Construction Starts Trended Lower, but Activity Remains High"},"content":{"rendered":"<p style=\"text-align: justify;\">In May, the number of new homes that started construction in Canada trended lower compared to the previous month, but still remained at elevated levels.<\/p>\n<p style=\"text-align: justify;\">According to the latest data released by the Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts equaled 254,727 units last month, down by a little over 3,100 units from April\u2019s 257,833 housing starts.<\/p>\n<p style=\"text-align: justify;\">CMHC\u2019s trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The organization says that it uses the trend measure to complement the monthly SAAR of housing starts to account \u201cfor considerable swings in monthly estimates and obtain a clearer picture of upcoming new housing supply.\u201d Analyzing SAAR data alone could be misleading, since Canada\u2019s multi-unit market segment tends to fluctuate month-to-month.<\/p>\n<p style=\"text-align: justify;\">The standalone monthly SAAR of total housing starts for across Canada in May was 287,257 units, up 8% from April when there were 265,734 starts. In the same month, the SAAR for single-detached dwellings fell 3% month-over-month from 81,438 homes to 78,879 units. Meanwhile, the SAAR of multi-unit starts increased 13% across all areas of Canada, rising from 184,297 units to 208,378 units between April and May.<\/p>\n<p style=\"text-align: justify;\">\u201cOn a trend and monthly SAAR basis, the level of housing starts activity in Canada is historically high, staying well above 200,000 units since 2020 and despite the lower trend, the monthly SAAR was higher from April to May,\u201d said Bob Dugan, CMHC\u2019s Chief Economist.<\/p>\n<p style=\"text-align: justify;\">The SAAR of total urban starts grew eight per cent from April to May, rising from 243,897 units to 264,162 units. Rural starts were estimated at a seasonally adjusted annual rate of 23,095 units.<\/p>\n<p style=\"text-align: justify;\">Some of the largest increases in total SAAR starts were recorded in Moncton, Brantford and London, which rose 346%, 209% and 146% on a monthly basis. Barrie, Hamilton and Abbotsford-Mission experienced the steepest monthly declines in total SAAR starts, which decreased 72%, 71% and 59% from April to May.<\/p>\n<p style=\"text-align: justify;\">Toronto and Montreal saw their total SAAR starts rise 62% and 1% month-over-month, while Vancouver\u2019s starts dropped 21% over the same time period.<\/p>\n<p style=\"text-align: justify;\">\u201cThe increase in monthly SAAR housing starts in Canada\u2019s urban areas was driven by higher multi-unit starts in May,\u201d said Dugan. \u201cAmong Vancouver, Toronto and Montreal, Vancouver was the only market to post a decrease in total SAAR starts, which was driven by lower multi-unit and single-detached starts.\u201d<\/p>\n<p style=\"text-align: justify;\">CMHC considers a housing start to have occurred when construction begins on a building where a dwelling unit is located, typically when concrete is poured for the footing around the structure or the equivalent stage when there is no basement.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2022\/06\/canadian-housing-starts-may-2.html\" target=\"_blank\" rel=\"noopener\">Canadian Housing Starts Trended Lower in May, But Activity Remains Historically High<\/a> by Michelle McNally | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In May, the number of new homes that started construction in Canada trended lower compared to the previous month, but still remained at elevated levels. According to the latest data &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2022\/06\/new-home-construction-starts-trended-lower-but-activity-remains-high\/\">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-20132","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>New Home Construction Starts Trended Lower, but Activity Remains High &#8226; 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\/06\/new-home-construction-starts-trended-lower-but-activity-remains-high\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"New Home Construction Starts Trended Lower, but Activity Remains High &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"In May, the number of new homes that started construction in Canada trended lower compared to the previous month, but still remained at elevated levels. According to the latest data &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"New Home Construction Starts Trended Lower, but Activity Remains High\",\"datePublished\":\"2022-06-21T17:10:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/\"},\"wordCount\":443,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Market Updates\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2022\\\/06\\\/new-home-construction-starts-trended-lower-but-activity-remains-high\\\/\",\"name\":\"New Home Construction Starts Trended Lower, but Activity Remains High &#8226; 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