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Housing Starts Rebound in May

OTTAWA, 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
CMHC
(613) 748-2737
mlaurenc@cmhc-schl.gc.ca

For regional starts information contact:

Atlantic provinces:
Ralph Freeze,
CMHC,
(902) 426-8964,
rfreeze@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:
Richard Corriveau,
CMHC,
(403) 515-3005,
rcorrive@cmhc-schl.gc.ca

British Columbia:
Cameron Muir,
CMHC,
(604) 737-4144,
cmuir@cmhc-schl.gc.ca



Housing Starts, Actual and SAAR*



April 2002
Final
May 2002
Preliminary
Province Actual SAAR Actual SAAR
Newfoundland 113 1,600 245 2,300
Prince Edward Island 40 500 108 1,100
Nova Scotia 206 2,900 361 3,400
New Brunswick 186 2,700 249 2,300
Quebec 3,952 31,000 3,772 30,700
Ontario 6,670 71,600 8,085 82,300
Manitoba 153 1,700 215 2,300
Saskatchewan 181 2,000 214 1,700
Alberta 2,669 30,600 3,149 32,000
British Columbia 1,149 14,000 1,969 19,200
Total (+10,000 pop.) 15,319 158,600 18,367 177,300
Other Area Estimates
(Less than 10,000 pop.)
2,513 25,900 2,552 25,900
Canada 17,832 184,500 20,919 203,200

Canadian Housing Starts Chart May 2002

* 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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