Canadian Mortgage News

January 2004 National News Archive

Housing Starts Remain High in June

OTTAWA, Ontario, July 9, 2004 — The seasonally adjusted annual rate¹ of housing starts was 239,300 in June, virtually unchanged from May, according to Canada Mortgage and Housing Corporation (CMHC).

"June's strong results continue to reflect positive economic factors, particularly low mortgage rates, improving employment and strong consumer confidence," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "This is the strongest mid-year level since 1987."

The seasonally adjusted annual rate of urban starts did not change from the previous month and remained at 208,500 units in June. Urban single starts decreased 5.7 per cent in June to 101,900 but urban multiple starts rose 6.2 per cent to 106,600 on a seasonally adjusted annual basis.

In all regions of Canada, except British Columbia and Quebec, the seasonally adjusted annual rate of urban starts increased in June: 2.2 per cent in the Atlantic; 0.6 per cent in Ontario and; 17.1 per cent in the Prairies. In British Columbia and Quebec, the seasonally adjusted annual rate of urban starts decreased in June by 7.2 per cent and 9.0 per cent respectively.

Rural starts in June were estimated at a seasonally adjusted annual rate of 30,800 units.

Year to date actual urban starts were 11.2 per cent higher through June than for the same period last year. Single starts were up 5.3 per cent while multiple starts were up 18.1 per cent.

1. All starts figures in this release, other than actual starts, are seasonally adjusted annual rates (SAAR)-that is, monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.

Information on this release:

Bob Dugan
CMHC
(613) 748-4009
bdugan@cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces:
Alex MacDonald
CMHC
(902) 426-8964
amacdona@cmhc-schl.gc.ca

Quebec:
Kevin Hughes
CMHC
(514) 283-4488
khughes@cmhc-schl.gc.ca

Ontario:
Alex Medow
CMHC
(416) 218-3344
amedow@cmhc-schl.gc.ca

Prairie provinces:
Brent Weimer
CMHC
(403) 515-3004
bweimer@cmhc-schl.gc.ca

British Columbia:
Carol Frketich
CMHC
(604) 737-4067
cfrketic@cmhc-schl.gc.ca

Source: CMHC

*Seasonally adjusted annual rates
** Urban centres with a population of 10,000 persons and over.
Detailed data available upon request.

News source: Canada Mortgage and Housing Corporation (CMHC)