CMHC reports surge in pace of housing starts

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CMHC reports surge in pace of housing starts

The annual pace of housing starts was up 8% last month compared with April, Canada Mortgage and Housing Corporation (CMHC) has revealed.

The seasonally adjusted annual rate of housing starts was 287,257 units in May, a rise from 265,734 the month before, according to the national housing agency.

The pace of urban starts came in at 264,162 units in May, an 8% increase. The annual rate of urban starts of condos, apartments and other multi-unit housing projects rose 13% to 201,193 units, although single-detached urban starts registered a 4% decline to 62,969 units.

The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was also down in May, coming in at 254,727 units last month compared with 257,833 in April.

A seasonally adjusted annual rate of 23,095 units was reported for rural starts.

The new CMHC findings mark the second consecutive month of 8% growth in the annual pace of new home construction, with April having seen seasonally adjusted annualized rates surpass analyst expectations.