Pace of housing starts picked up to 198,324 a year in May, CMHC says
OTTAWA – Canada Mortgage and Housing Corp. says housing starts increased to a seasonally adjusted annual pace of 198,324 homes in May, up from 196,687 in April.
The results were better than expected as economists had expected the pace to come in at 185,000, according to Thomson Reuters.
The federal agency says the increase came as the pace of urban housing starts climbed to 180,813 from 178,485 in April.
The pace of multiple urban starts slipped to 117,709 from 118,640, while single-detached starts increased to 63,104 from 59,845.
The rate of urban starts for May sped up in Atlantic Canada, Quebec, and British Columbia, held steady in Ontario, and slowed in the Prairies.
Rural starts were estimated at a seasonally adjusted annual rate of 17,511 units, down from 18,202 in April.
The overall increase helped put up the six-month moving average for the seasonally adjusted annual pace for May to 184,438 compared with 183,872 in April.
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