Canadian Housing Starts Dip 6% in May While Construction Activity Rises
The Canada Mortgage and Housing Corp. reported that the annual pace of housing starts dropped six per cent in May compared with April as the seasonally adjusted annual rate slipped to 261,377 units from 278,380 units . Despite the monthly decline, the six‑month moving average of starts edged higher to 258,010 units, signalling a marginal longer‑term uptick.
The agency noted that construction activity remained robust in larger centres: units under construction in cities with populations of 50,000 or more rose 0.9 per cent to 374,662, and completions increased 10.6 per cent to 16,880. Permitted units not yet started declined 2.4 per cent to 138,842, while rural starts were estimated at an annual rate of 14,357.
Read on: BNN Bloomberg
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