Canada Housing


Housing starts moderate in September

Seasonally-adjusted annualized housing starts registered an over-three-year high of 230,700 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 7.7% increase over August’s revised 214.300 units (previously reported: 216,900 units) and overshot market expectations of 200,000 units.

The six-month moving average rose by 3.4% over the previous month, from August’s 195,800 to 202,500 in September. The CMHC commented that, “the trend in housing starts is at its highest point since January 2013, as a result of the launch of some major rental housing projects as well as continued strength in condominium construction. As a result, trend activity is now above the projected annual pace of around 190,000 new households. This underscores the continuing need for inventory management to minimize the number of completed but unsold units.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record 181,618 units in 2015 and 181,800 units in 2016. FocusEconomics Consensus Forecast participants expect 188,342 housing starts in 2015. For 2016, the panel sees housing starts moderating to 180,858 units.

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Canada Housing Chart

Canada Housing Starts September 2015

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

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