Decline in Housing Starts

By Elli Davis, June 11, 2010

Decline in Housing Starts
photo by Eric

More news about the Canadian housing situation in May of this year! As Canada Mortgage and Housing Corporation announced, the seasonally adjusted annual rate of housing starts was 189,100 units last month, which suggest a not-so-slight decline from the April level of 201,800 units.

The seasonally adjusted annual rate of urban starts went down by 9.5 percent to 165,200 units this May. Decline was recorded in both urban single and urban multiple starts. The latter decreased by 5.6 percent to 92,800 units and single urban starts fell by 14.1 percent to 72,400 units.

Urban starts in Ontario also saw a decline – of 2.7 percent. If compared to some other parts of Canada, this result is actually not bad at all. For instance, British Columbia recorded a fall of 12.9 percent and the decline in the Prairie region was 21.8 percent. On the contrary, there was a rise of 23.3 percent in Atlantic Canada.

The results regarding housing in Canada are starting to be a little less pleasing, aren’t they? I think we have been spoiled by all the fantastic news over the last year and it will take a while to get used to negative numbers now.

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