Canada Housing May 2022


Canada: Housing starts rise in May

June 15, 2022

Housing starts rose to 287,257 units on a seasonally-adjusted annualized rate (SAAR) basis in May according to the Canada Mortgage and Housing Corporation (CMHC), up 8% from April’s reading. Housing starts in April–May averaged well above their Q1 level, boding well for residential investment in the second quarter.

On the outlook for housing starts, TD Economics’ Rishi Sondhi said:

“Builders continue to break ground on new homes at a very healthy clip. This is because housing starts are in large part a function of past sales activity. This fact, alongside low levels of new home inventories, underpins our expectation that housing starts will remain elevated through this year. Notably, permit issuance is currently elevated, in line with this view. However, we look for starts to trend notably lower in 2023, as rising rates and cooling activity weigh on homebuilding.”

FocusEconomics Consensus Forecast participants expect 241,000 housing starts in 2022 and 223,000 units in 2023.


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Canada Housing Chart

Canada Housing Starts May 2022 0

Note: Monthly housing starts and six-month trend in monthly housing starts, both at seasonally-adjusted annualized rates.
Source: Canada Mortgage and Housing Corporation (CMHC).

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