Housing starts increase in April

Despite an increase in numbers, the housing start sector remains balanced.

The number of housing starts across Canada remains steady and stable, according to the latest figures from the Canada Mortgage and Housing Corporation (CMHC).

The figures for April were trending at 183,515 units, up from 184,602 during March.

“This is in line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014,” said Mathieu Laberge, Deputy Chief Economist. “Over the remainder of the year, builders are expected to continue to adjust activity, particularly with respect to multiples, in order to manage inventory levels.”

By region, the annual rate of housing starts increased in Ontario, the Prairies and Quebec and decreased in Atlantic Canada and British Columbia.

Urban starts increased to 176,792 units on a seasonally adjusted annual basis. Multiple urban starts increased to 117,612 units while the single-detached urban starts segment increased to 59,180 units. Rural starts were estimated at a seasonally adjusted annual rate of 18,017 units.

In response to this stronger than expected performance, the Canadian dollar gained 0.19 of a cent to 91.98 U.S. cents.

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