New CMHC report shows increase in housing starts for June
CMHC’s latest housing starts report for June reports an increase from 197,063 units in May 2020 to 199,655 units in June 2020. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
CMHC chief economist Bob Dugan attributes the change to higher multi-family starts in Toronto and Montreal following declines in recent months from COVID-19 measures. Housing starts continued to decline in most other centres in June, including Vancouver.
The standalone monthly SAAR of housing starts for all areas in Canada was 211,681 units in June, an increase of 8.3% from 195,453 units in May. The SAAR of urban starts increased by 8.7% in June to 196,675 units. Multiple urban starts increased by 13.0% to 154,602 units in June while single-detached urban starts decreased by 4.5% to 42,073 units.