For May
Provided by: Mortgage and Housing Corporation
Official Release: News Release

For the first five months of 2008, actual starts in rural and urban areas combined were up an estimated 0.7 per cent compared to the same period last year. Year-to-date actual starts in urban areas have increased by an estimated 5.6 per cent over the same period in 2007. Actual urban single starts for the five months of this year were 14.8 per cent lower than they were a year earlier, while multiple starts increased by 22.7 per cent over the same period.

The annual rate of housing starts declined by 12% in April, as multiple dwelling starts fell 19%. Multiple starts had recorded the 2nd and 3rd highest rate for March and February, since 1978, but retreated in April. despite the poor figures, Bob Dugan, the Chief Economist at CMHC's Market Analysis Centre, maintained that housing starts " remain robust at over 200,000 units."

The seasonally adjusted annual rate of urban starts went down in all regions of Canada, except British Columbia, which saw an increase of 17.1 per cent to 34,900 in April. Urban starts decreased to 7,500 units in Atlantic Canada, 37,600 units in Quebec, 73,000 units in Ontario, and 32,400 units in the Prairies. In terms of single urban starts, all regions except Quebec were down in April. Quebec registered an increase of 9.3 per cent to 12,900 units.

 

For March
Provided by: Mortgage and Housing Corporation
Official Release: News Release 

From the Release:

"The seasonally adjusted annual rate¹ of housing starts was 254,700 units in March, slightly down from 255,600 units in February, according to Canada Mortgage and Housing Corporation (CMHC).

“The high level of starts posted in February continued in March, thanks to the multiple segment and particularly condominium starts, which registered a significant rise in Alberta” said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. “Nevertheless, the single-detached component, which is usually a strong trend indicator, decreased slightly. This is consistent with our view that the housing market will moderate gradually throughout 2008.”

The results for March came in higher than expected, showing a resiliency in the Canadian housing market, despite the severe slowdown in the US. The USD/CAD pair has been trending up this week so far, though today's trading is somewhat sideways, with the housing start news, and the NY open giving the Loonie some small boost.  

For February

Provided by: Mortgage and Housing Corporation

"“New home construction in February was boosted by the significant rise in multiple-family starts,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “The robust results achieved this month are mainly attributed to increased condominium starts, which reflect strong condominium sales over the past year or two. Despite this sizeable growth in February, we continue to expect that the trend in housing starts will decrease gradually between now and the end of 2008.”"

For December.

Provided by: Mortgage and Housing Corporation
Official Release

"The seasonally adjusted annual rate of housing starts was 222,700 units in January, up from 184,700 units in December, according to Canada Mortgage and Housing Corporation (CMHC).

“Historically low mortgage rates, solid employment and income growth as well as a high level of consumer confidence continue to underpin the high level of housing starts”, said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Housing starts in January returned to a level more consistent with our expectation that housing starts will total 211,700 units in 2008, remaining above the 200,000 mark for the seventh consecutive year.”"