According to the latest information from the Canada Mortgage and Housing Corporation (CMHC) new housing starts across Canada trended lowered after wrapping up for the first month of 2022. The trend in housing starts was 254,133 units in January which was a drop as compared to December. This trend is defined as a six-month rolling mean of the monthly cyclical adjusted annual rates (SAAR) of housing starts by the CMHC. These kinds of trend measures are used as a supplement to the periodic SAAR of housing starts to “account for considerable swings in monthly estimates,”
Bob Dugan who is CMHC’s chief economist said that the trend on a monthly basis has increased historically high but the 6-month trend in housing was much lower in December to January. Between Montréal, Toronto, and Vancouver, Montréal was the only market to report growth in total SAAR starts in January as a result of higher single-detached and multi-family starts. As noted by Dugan. The standalone monthly SAAR of total housing kicks off for all areas in the country was 230,754 units in the month of January which is a 3 percent drop as compared to December.
Also, in January the SAAR dropped by 5% of total urban. The value was 204,428 units and the rural starts were to be 26,326 units. Multiple urban starts dropped by 9% in a periodic way to 144,332 units by housing type. this is because single-detached urban starts really grew 7. It was 60,096 units between January and December. The SAAR of total urban starts dropped five percent monthly to 204,428 units, while rural starts were estimated to be 26,326 units at a seasonally adjusted annual rate in the same month.
In January, Toronto, Montréal, and Vancouver reported SAAR totals of 21,714 units, 26,456 units, and 22,192 units by metropolitan area. This is basically a 27% and 17% decrease in Toronto and Vancouver but also a 16% increase in Montreal. This exactly equals 27% and also a decrease of 17% and its increases were actually noted in Ottawa-Gatineau which is 94% and Winnipeg which is 4%. A housing start when construction starts on a building where a dwelling unit is located, usually when concrete has been poured for the footing over the structure, or the equal stage when a basement is not one part of the structure is defined by CMCH.
