Skip to main content

CMHC says annual pace of housing starts in May up 10 per cent from April

Share
OTTAWA -

The annual pace of housing starts in May climbed 10 per cent compared with April, helped by gains in Montreal and Toronto, Canada Mortgage and Housing Corp. said.

The housing agency said Monday the seasonally adjusted annual rate of housing starts in May amounted to 264,506 units, up from 241,111 in April.

BMO senior economist Robert Kavcic said it was a solid level of output given tougher market conditions.

"As it stands now, the number of units under construction is trending near record highs in absolute terms, and matching the 1970s building boom relative to the size of the adult population," Kavcic wrote in a report.

The cost of housing has been a key political issue with the federal government working to improve affordability. Ottawa has announced new tax incentives and spending in an attempt to solve the current housing crisis.

The reading for housing starts in May came as the annual pace of starts in Montreal more than doubled with an increase of 104 per cent and Toronto gained 47 per cent, both boosted by multi-unit starts.

The pace of starts in Vancouver for May fell 32 per cent compared with April.

CMHC said the overall annual pace of urban housing starts was 246,111 units in Canada, up 11 per cent from 221,376 in April. The annual pace of multi-unit urban starts increased 13 per cent to 203,141, while single-detached urban starts rose two per cent to 42,970.

The seasonally adjusted annual rate of rural starts was estimated at 18,395.

The six-month moving average of the monthly seasonally adjusted annual rate was up 3.8 per cent at 247,830 units in May compared with 238,859 units in April.

This report by The Canadian Press was first published June 17, 2024.  

CTVNews.ca Top Stories

DEVELOPING

DEVELOPING Motive of man who tried to assassinate Donald Trump remains elusive

Former U.S. president Donald Trump called for unity and resilience after an attempt on his life injected fresh uncertainty into an already tumultuous presidential campaign, while President Joe Biden implored Americans to 'cool it down' in the final stretch and 'resolve our differences at the ballot box.'

LIVE RNC UPDATES

LIVE RNC UPDATES Senate Minority Leader Mitch McConnell booed at RNC

The Republican National Convention kicked off this week, with delegates and officials descending on Wisconsin amid the tumult that follows a Saturday assassination attempt on Trump as he becomes the GOP’s official nominee. Follow for live updates of the RNC.

Local Spotlight

Stay Connected