It takes a good chunk of change to build a house. A telling indicator of economic status is housing starts – the number of houses that begin construction. If you calculate the difference with adjustments for May’s warmer weather, less houses began construction in May than April.
The seasonally adjusted annual rate of housing starts was 189,100 units in May, according to Canada Mortgage and Housing Corporation, down from a revised 201,800 units in April.
Because construction depends so largely on season, the CMHC adjusts the rates to account for the differences in each month, depending on season.
The seasonally adjusted annual rate decreased for the urban starts of most provinces and territories, but in Atlantic Canada, the urban starts increased by 23.3%. As a whole, Canada’s urban starts decreased by 9.5% to 165,200 units in May.
Rural starts were estimated at a seasonally adjusted annual rate of 23,900 units in May.