Canada Housing July 2016


Housing starts ease in July

Seasonally-adjusted annualized housing starts registered 198,400 units in July, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a substantial 9.1% decrease over June’s revised 218,300 units (previously reported: +186,700 units). Markets had expected a weaker reading of 1950,000.

The six-month moving average in housing starts was 201,900 in July, which marked a 2.1% increase over the previous month’s 197,800. The CMHC commented that, “July’s housing starts continued to pick up pace, as construction strengthened in BC and Ontario’s multi-unit segments. This reflects continued strong demand for lower-priced homes and low inventories of completed and unsold new units.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record between 181,300 and 192,300 units in 2016 and between 172,600 and 183,000 units in 2017. FocusEconomics Consensus Forecast participants expect 190,224 housing starts in 2016. For 2017, the panel sees housing starts moderating to 179,200 units.

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Canada Housing Chart

Canada Housing Starts July 2016 0

Note: Monthly housing starts at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).

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