CMHC notes that housing starts fell in June, even though the number of new construction projects remains high, the Canada Mortgage and Housing Corporation said Wednesday.
CMHC economist Bob Dugan says that “despite the decrease in June, total housing starts remain at high levels. This is mostly due to the multiple segment, which has been continuously above the 100,000 unit threshold since the beginning of the year.”
Seasonally adjusted urban starts dropped five per cent in June over the previous month, the CMHC said. Ontario was the sole region in the country where urban starts increased, climbing by 10.8 per cent to 77,900 units in June.
June urban starts in Atlantic Canada reached 8,500 units, down from 9,700 in May. In Quebec, starts decreased from May’s 45,600 starts to 40,300 units in June, and starts fell in the Prairies from 38,900 to 31,200. Starts in B.C. declined from May’s 34,700 to June’s 31,400.
Urban multiple starts – apartments and condos – fell in all regions except Ontario, where they increased 30 per cent.
The CMHC estimated rural starts reached a seasonally adjusted rate of 28,500 units, matching May’s figures.
