Canadian Housing Starts Decline Month-Over-Month in April

According to the Canada Mortgage and Housing Corporation (CMHC), the trend in housing starts was 279,055 units in April 2021, up month-over-month from 272,164 units in March. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR of housing starts for all areas in Canada was 268,631 units in April, a decrease of -19.8% from 334,759 units in March. The SAAR of urban starts decreased by -16.9% in April to 251,504 units. Multiple urban starts decreased by -22.8% to 251,504 units in April while single-detached urban starts decreased -0.1% to 78,918 units. Rural starts were estimated at a seasonally adjusted annual rate of 17,127 units. In a statement prepared for the release of the report, Bob Dugan, CHMC’s chief economist said, “The national trend in housing starts remained elevated in April, despite a decline in the level of monthly SAAR starts from the record high set in March. 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. 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.”