The trend in housing starts has been declining steadily since November 2022. In May, the trend was 230,205 units, down 4.2% from 240,318 units in April. The trend measure is a six-month moving average of the monthly SAAR of total housing starts for all areas in Canada. The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 23% in May (202,494 units) compared to April (261,357 units) according to Canada Mortgage and Housing Corporation (CMHC). The monthly SAAR of total urban starts (centres 10,000 population and over) declined 24%, with 182,842 units ... (full story)