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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com


8 May 2019

Canadian housing starts showed a significant increase in April

Last month, the number of housing starts in Canada was up sharply, reporting a more than 20% increase from March, supported by a strong hike in the segment of new multi-unit projects, including condos, apartments and townhouses.

According to Canada Mortgage and Housing Corp., the seasonally adjusted annual rate of housing starts rose by 22.6% from March and reached 235,460 units last month.

Meanwhile, economists predicted an annual pace of 196,400, says Thomson Reuters Eikon.

Priscilla Thiagamoorthy, economic analyst at BMO Capital Markets, says builders are not planning to slow down the pace.

"While the start of the year saw the national real estate market slowing, the recent results show that the tendency is changing direction towards the necessary growth”, - noted Thiagamoorthy.

"The demand is still high, supported by stable demographic trends and a strong labour market."

The general growth of housing starts was mostly driven by an increase of urban multiple-unit projects (condos, apartments and townhouses). The numbers rose by 29.6% to 175,732 last month.

In case of single-detached urban starts, the results were up by 6% and reached 44,655.

"As we see the strong signs of stabilization in at least certain major resale markets and the continuing strength in homebuilding (especially, in case of the multi-unit sector), it’s obvious that the real estate segment is heading towards a more neutral force in Canada's economy, following a period of being a significant drag”, says Josh Nye, a senior economist at Royal Bank.



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