According to the Bank of Montreal, Canadian housing starts reached 198,300 units in May, up from 196,700 in April. Robert Kravcic, Senior Economist at BMO, suggests that these levels are relatively in line with demographic demand.

After a slow start to the year, which Kravcic attributes to severe weather, many regions, including Quebec, Atlantic Canada and B.C. have shown signs of a rebound in multi-unit starts. Saskatchewan and Alberta, however, saw declines and Ontario held steady with starts reported in April.

Data from the Canada Mortgage and Housing Corporation revealed that multi-family starts, in Calgary, have increased by 97.8 per cent over the last year, indicating strong demand. Regina and Saskatoon are faced with similar trends. However, both cities have experienced an elevated level of completed but unabsorbed inventory.

Nationally, multi-family starts reached just below 118,000 units in May.