Housing starts on the rise in February
By Adam Freill
Construction ResidentialCMHC's trend line falls slightly despite gains in seasonally adjusted annual rate of starts across Canada.
(Source: CMHC)
The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada increased to 243,959 units in February. This was a 13 per cent jump over January’s 216,514 units, reports Canada Mortgage and Housing Corporation (CMHC).
Multi-unit starts in urban centres with populations of 10,000 or more increased 18 per cent, to 173,745 units, while single-detached urban starts increased at a slower pace, rising eight per cent to 48,918 units.
The trend in housing starts came in at 255,735 units in February, dipping two per cent from 259,830 units in January. The trend measure is a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada. CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a clearer picture of upcoming new housing supply.
“After hitting its lowest level since September 2020, the monthly SAAR of housing starts rebounded in February, while the six-month trend declined slightly,” said Bob Dugan, CMHC’s chief economist. “February’s housing starts provided much needed new housing supply nationally, but in order to improve affordability, we need to find innovative ways to deliver more supply and to keep building at a higher pace.”
