However, the overall level is still quite high historically
The national trend in housing starts remained historically elevated last month despite a slight decline from the record high set in March, according to the latest data from the Canada Mortgage and Housing Corporation.
As of the end of April, the housing starts trend was 279,055 units. The standalone monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada was 268,631 units, down by 19.8% from the 334,759 units in March and falling short of experts’ forecasts for the month (around 280,000 units).
Both British Columbia and Ontario saw considerable declines, with BC seeing its SAAR drop by 47% in the March-April interval (down to 35,736 units) and Ontario having a 15% decline (down to 102,068 units).
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“In April, multi-family SAAR starts declined or moderated in most CMAs that had seen strong growth in this segment the previous month, including Toronto and Vancouver,” said Bob Dugan, chief economist at CMHC. “Single-detached SAAR starts held steady following a modest increase in March. Nonetheless, the overall trend-level of activity remains elevated as a result of strong activity so far this year.”
Urban starts saw their SAAR fall by 16.9% in April to 251,504 units, while multiple urban starts decreased by 22.8% to 251,504 units and single-detached urban starts slightly ticked down by 0.1% to 78,918 units.
