OTTAWA, ON - New home starts in Canada remained virtually flat in June, increasing by 0,002% to a seasonally adjusted annual rate of 184,514 units, 427 more than in May, according to the Canada Mortgage and Home Corporation (CMHC).

“As expected, the trend in total housing starts remained essentially stable in June, for a third consecutive month," said Mathieu Laberge, deputy chief economist of CMHC. "This reflects general stability in regional trends over the same period. As a result, the trend in national housing activity remains close to its historical average and is in-line with estimates of household formation.

Laberge noted that housing start gains registered in British Columbia were offset by declines in other regions of Canada.

Urban housing starts, which account for nearly 90% of all Canadian new home activity, decreased by 2.7% in June. This includes a 4.1% drop in single-family starts and a 2.0% in multi-family dwellings.

Have something to say? Share your thoughts with us in the comments below.