Canadian Mortgage News

January 2004 National News Archive

Housing starts remain at high level

OTTAWA, Ontario, August 10, 2004 — The seasonally adjusted annual rate¹ of housing starts was 218,700 in July, down from 232,100 in June, according to Canada Mortgage and Housing Corporation (CMHC).

"Even though starts decreased slightly in July, housing construction remains at a high level," said David Weingarden, Senior Economist at CMHC's Market Analysis Centre. "Nationally, the housing market continues to benefit from positive economic factors, especially growth in employment and strong consumer confidence. This year, 225,700 starts are expected, the highest level since 1987."

The seasonally adjusted annual rate of urban starts was down 8.0 per cent to 191,900 units in July. Urban single starts increased 5.5 per cent in July to 107,500 but urban multiple starts declined 20.8 per cent to 84,400 on a seasonally adjusted annual basis.

In all regions of Canada, except Quebec, the seasonally adjusted annual rate of urban starts fell in July: 11.0 per cent in the Atlantic; 10.2 per cent in Ontario; 18.8 per cent in the Prairies and; 5.8 per cent in British Columbia. In Quebec, the seasonally adjusted annual rate of urban starts increased 5.4 per cent.

Rural starts in July were estimated at a seasonally adjusted annual rate of 26,800 units.

Year to date actual urban starts were 8.5 per cent higher through July than for the same period last year. Single starts were up 5.2 per cent while multiple starts were up 12.4 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:
David Weingarden
CMHC
(613) 748-2354
dweingar@cmhc-schl.gc.ca

For regional starts information contact:

Housing Starts, Actual and SAAR*

News source: Canada Mortgage and Housing Corporation (CMHC)