The trend in housing starts was 222,041 units in June, compared to 216,701 units in the previous month, according to Canada Mortgage and Housing Corporation (CMHC). The trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“The national trend in housing starts increased in June, reflecting a jump in the SAAR of multi-unit dwellings in urban centres in June to a historical high,” said Bob Dugan, CMHC chief economist. “Notably, the national inventory of newly completed and unabsorbed multi-unit dwellings has remained below its 10-year historical average so far in 2018, indicating that demand for this type of unit has absorbed increased supply.”
Primarily led by apartment starts, the total number of housing starts in the Toronto area trended up to reach a near two-year high in June. The up-tick was driven by condominium apartment starts, which recorded a 30-year high for the month.