Canada: Housing starts rise in May
Housing starts rose to 275,916 units on a seasonally-adjusted annualized rate (SAAR) basis in May according to the Canada Mortgage and Housing Corporation (CMHC), up from April’s 267,449-unit reading. May’s rise was driven by strong increases in multi-unit urban and single-detached urban starts.
Additionally, the six-month average of housing starts in urban areas rose to 280,779 units in May from 278,462 units in April.