Canada Housing December 2015


Year-end housing starts collapse

Seasonally-adjusted annualized housing starts registered 173,000 units in December, according to the government-owned Canada Mortgage and Housing Corporation (CMHC), the lowest number of starts registered since February 2015. The figure marked a drastic 18.4% decrease over November’s revised 212,000 units (previously reported: 212,900 units) and markedly undershot market expectations of 200,000 units.

The six-month moving average fell by 2.3% over the previous month, from November’s 208,200 (previously reported: 206,100 units) to 203,500 in December. The CMHC commented that, “A decrease in both the multiple and single starts segments drove the December trend lower. Starts increased in 2015 compared to 2014, largely driven by the condominium market in Toronto. Had the Toronto condominium starts remained stable in 2015, national starts would have declined on a year-over-year basis.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record 178,150 units in 2016 and 173,650 units in 2017. FocusEconomics Consensus Forecast participants expect 188,431 housing starts in 2016. For 2017, the panel sees housing starts moderating to 176,125 units.

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Canada Housing Chart

Canada Housing Starts November 2015 0

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

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