Canada’s annual pace of housing starts slows down in January: CMHC

Canada Housing. Image credit: Unsplash

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Ottawa/CMEDIA: The annual pace of Canada’s housing starts in Jan 2022 slowed compared with Dec 2021, Canada Mortgage and Housing Corp (CMHC) reported today.

This trend measure, according to CMHC is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

CMHC estimated rural starts at a  SAAR  of 26,326 units.

The six-month moving average of the monthly SAAR of housing starts in Jan was 254,133 down from 261,352 in Dec.

The  SAAR of housing starts fell to 230,754 units in January compared with 238,405 in the final month of 2021.

“On a trend and monthly SAAR basis, the level of housing starts activity in Canada remains historically high; however, the six-month trend in housing starts was lower from December to January. For SAAR housing starts in Canada’s urban areas, single-detached starts were higher, while multi-family starts declined in January. Among Montreal, Toronto and Vancouver, Montreal was the only market to post growth in total SAAR starts in January, due to higher single-detached and multi-family starts,” said Bob Dugan, CMHC’s Chief Economist in a news release today.

The drop was due to the fall of five percent to 204,428 units of the annual pace of urban starts in January.

Urban starts of apartments, condos, and other types of multiple-unit housing projects also experienced a fall in its annual rate of nine percent to 144,332. while single-detached urban starts rose seven percent to 60,096.