Canada: Housing Starts Are Still Up, but Will They Ever Stop?

Summary of the publication

• Housing starts came in at an annualized pace of 273,841 in June 2022, down 3% from May. However, housing starts remain near record levels, helping to push the 6‑month moving average higher to 258,295 units.
• Urban single-detached starts dropped by 4% to 60,416 units in June, while urban multi-unit starts slumped by a more modest 2% to 197,022 units in the month.
• Looking to the provinces, the June retreat in housing starts was roughly split across regions, with advances in Ontario, Manitoba, Saskatchewan and British Columbia more than offset by declines in the remaining six provinces.
• All of the big Canadian cities of Montreal, Toronto and Vancouver recorded higher housing starts in June, driven primarily by advances in multi-unit starts.