Canada housing starts rise 9.2% in May
Jun 08, 2009. New home construction rose to a seasonally adjusted annual rate of 128,400 units in May from 117,600 units units in April, CMHC said.
Jun 08, 2009. /Lesprom Network/. Canadian housing starts rose 9.2 percent in May, slightly better than expected, and was broadly based and encompassed both single and multiple segments, Reuters reported with a reference to Canada Mortgage and Housing Corp (CMHC).
New home construction rose to a seasonally adjusted annual rate of 128,400 units in May from 117,600 units units in April, CMHC said.
The number of starts in May beat analysts' consensus expectations of 125,300 starts.
The seasonally adjusted annual rate of urban starts rose 11.1 percent to 107,800 units in May. Urban multiple starts rose to 60,900 units, while urban single starts climbed to 46,900 units in May.
The seasonally adjusted annual rate of urban starts in May rose 22 percent in Ontario, 16.8 percent in the Prairies, 7.3 percent in Atlantic Canada and 3.3 percent in Quebec.
Urban starts declined 5 percent in British Columbia.
Rural starts were estimated at a seasonally adjusted annual rate of 20,600 units in May.
CMHC said housing starts are expected to improve throughout 2009 and over the next several years to "become more closely aligned to demographic demand," which is currently estimated at about 175,000 units per year.