Canada Housing October 2016

Canada

Canada: Housing starts ease in October

Seasonally-adjusted annualized housing starts registered 192,930 units in October, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 12.1% decrease from September’s revised 219,400 units (previously reported: +220,600 units). Markets had expected a stronger reading of 195,000 units.

The six-month moving average in housing starts was 199,900 in October, a slight 0.3% increase from the previous month’s 199,300. The CMHC commented that, “Housing starts remained stable in October, as the trend remained essentially unchanged from September. While apartment starts are on a downward trend in British Columbia after reaching an all-time high at the beginning of the year, increased construction of single, semi-detached and row units in the rest of the country have helped offset the decline.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record between 181,100 and 192,900 units in 2016 and between 174,500 and 184,300 units in 2017. FocusEconomics Consensus Forecast participants expect 193,527 housing starts in 2016. For 2017, the panel sees housing starts moderating to 182,431 units.


Author:, Economist

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Canada Housing Starts October 2016

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


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