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Canada May Housing Starts +10% MOM To 264.5K Units Led By Multis

CANADA DATA
  • Canada 6M moving average +3.8% to 247.8K units, the fastest increase since Sept 2023; starts were -2.2% in April.
  • Starts in urban areas +39% YOY; increase driven by multi-unit starts +49% and single-detached starts also rose +6%.
  • "While this is good news for housing supply, we do expect downward pressure on starts through the rest of 2024," said Bob Dugan, CMHC's chief economist.
  • Government announced CAD8.5B of spending on housing over 5Y in the 2024 federal budget. Some economists have noted the plan to build millions of new homes in coming years is far beyond the industry's current capacity.
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