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Calculators, News & Information
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Canadian Mortgage News
Related Links: National Archive 2002 Archive January 2002 February 2002 March 2002 April 2002 May 2002 June 2002 July 2002 August 2002 September 2002 October 2002 November 2002 December 2002    |
 
Housing Starts Rebound in MayOTTAWA, Ontario, June 10, 2002 — The seasonally adjusted annual rate* of housing starts in Canada increased 10.1 per cent in May to 203,200 units from 184,500 units in April, according to Canada Mortgage and Housing Corporation (CMHC). Urban singles rose 11.0 per cent to an annual rate of 107,200 units from 96,600 in April while urban multiple starts were up 13.1 per cent to an annual rate of 70,100 units from 62,000. Estimated rural starts remained at a seasonally adjusted annual rate of 25,900 units. "The seasonally adjusted annual rate of single-detached housing starts in May was the highest since January 1990," said Michel Laurence, Chief Economist at CMHC's Market Analysis Centre. "Single-detached starts were up across all regions. British Columbia posted the highest annual rate of single-detached starts since August 1997 while the Prairie region had the highest annual rate since May 1983. The positive trend in this segment reflects the historically low mortgage rates seen earlier in the year." Actual urban housing starts for January to May this year are 27.8 per cent higher than the same period last year (66,222 units compared with 51,810 units). The single-detached market increased 37.7 per cent while multiples increased 16.7 per cent. Information on this release:Michel Laurence For regional starts information contact: Atlantic provinces: Quebec: Ontario: Prairie provinces: British Columbia:
* Most starts figures in this release are seasonally adjusted annual rates (SAAR) that are monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels. News source: Canada Mortgage and Housing Corporation (CMHC)
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