Housing starts tumble

Author

Jay Lutz
June 15, 2023

Sponsored by Carlyle Commodities

Housing starts fall in May

The CMHC on Thursday reported that housing starts across Canada decreased by 23% in May, from 261,357 units in April. Urban starts, defined as those in areas with a population exceeding 10,000, also experienced a downturn, with a 24% decrease to 182,842 units.

Multi-unit urban starts also experienced a substantial decrease of 30%, settling at 139,890 units in May. Conversely, single-detached urban starts displayed a more positive trend, increasing by 6% to 42,952 units.

“The decline in housing starts is due to constraints in new construction, including labour shortages and higher construction and borrowing costs, which is considerably affecting multi-unit starts,” explained CMHC Chief economist Bob Dugan.

You can read more on the matter here.

Carlyle Commodities is a mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties. Carlyle owns 100% of the Newton Project in the Clinton Mining Division of B.C., which has a mineral resource estimate of 861,400 ounces of gold at 0.63 g/t, and 4,678,000 ounces of silver at 3.43 g/t.

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FULL DISCLOSURE: Carlyle Commodities is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Carlyle Commodities. The author has been compensated to cover Carlyle Commodities on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.