The annual rate of new home construction was up in May, while home sales were slightly down, according to data released separately on Monday by the Canada Mortgage and Housing Corporation and the Canadian Real Estate Association.A 'now selling ' banner is pictured on a new condo tower in downtown Vancouver on Jan. 27, 2022.
There were 264,506 units built that month, up from 241,111 in April, the housing agency said. Most of the increase came from multi-unit starts , which rose 13 per cent in the month. Single-unit starts rose two per cent during the same period. While the growth is "good news for housing supply, we do expect downward pressure on starts through the rest of 2024," said CMHC chief economist Bob Dugan."As it stands now, the number of units under construction is trending near record highs in absolute terms, and matching the 1970s building boom relative to the size of the adult population," Kavcic wrote.Meanwhile, home sales fell by a slight 0.6 per cent in May compared to the previous month, according to CREA.
"The Bank will surely have eyes on how conditions evolve post-cut, but so far there has been little to suggest a significant rebound activity or prices."
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