Investing.com - Housing starts in Canada were trending at 184,438 units in May compared to 183,872 in April, according to data released by the Canada Mortgage and Housing Corporation on Monday.
Canadian housing starts rose to 198,324 units in May, a slight increase from a revised 196,687 in April. The consensus forecast had been for a decline to 185,000.
“In May, the trend in housing starts was virtually unchanged for the third consecutive month. This is in line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014,” said Bruno Duhamel, Manager, Housing and Economic Analysis.
“Builders are expected to continue to manage their starts activity in order to ensure that demand from buyers seeking new units is first channeled toward unsold completed units or unsold units that are currently under construction, including condominium units.”