“The trend in housing starts for Canada reached its highest level in almost five years”, said Bob Dugan, CMHC’s chief economist. “So far this year, all regions are on pace to surpass construction levels from 2016 except for British Columbia, where starts have declined year-to-date after reaching near-record levels last summer.”
CMHC says that the trend was virtually unchanged in Toronto with lower single-family starts offset by higher multi-family units; and down in Vancouver as new apartment starts slumped.
There were higher levels in PEI, Quebec, Barrie, Fort McMurray and Victoria. There was a record high for starts in Oshawa with the pace of construction three times higher than the average over the past few years.
More market update:
Housing starts increased in June to a six-month average trend of 215,459, up from 214,570 in May.