The total monthly seasonally adjusted annual rate (SAAR) of housing starts for all areas in Canada increased 17% in April to 279,317 units compared with March, said the Canada Mortgage and Housing Corporation (CMHC) on Friday.
April's increase was better than the 245,000 consensus figure provided by MUFG.
Among Canada's three biggest CMAs, Toronto posted a 34% year-over-year increase in actual housing starts this month, driven by higher multi-unit, noted CMHC. Montreal starts increased 21% due to higher multi-unit starts. Vancouver recorded a 30% decrease due to lower multi-unit and single-detached starts.
The six-month trend in housing starts was higher in April, with an increase of 3.2% to 256,777 units, according to CMHC. The trend measure is a six-month moving average of the SAAR of total housing starts for all areas in Canada.
New to Friday's release, CMHC published building permit data and additional data from the Starts and Completions Survey (SCS). This includes approved units awaiting housing start, as well as the under-construction inventory and the number of units completed. These indicators show a complete view of the residential construction pipeline and are available for centers with a population of 50,000 or more.
"Building permits provide an early signal of future residential construction activity, while housing starts capture construction that has begun and offer the best indication of future housing supply," said Mathieu Laberge, CMHC's chief economist. "Together, these measures show how development intentions translate into real construction activity, providing a more complete picture of the residential construction market's trajectory."
The rural starts monthly SAAR estimate was 13,694 units.