The Canadian housing market showed profound signs of weakness falling for a third consecutive month in October. According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualised housing starts reached 167,900 in October, down 9.2% from a revised 185,000 in September (previously reported: 186,400 units). The figure was significantly below market expectations of 180,000 units and marked the largest drop in the rate of housing starts since April 2009. Housing starts are now at their lowest level since September 2009. CMHC estimates housing starts in 2010 to be 184,900. For 2011, the Corporation estimates housing starts to moderate to 179,600 units per year. Consensus Forecast participants are more optimistic and expect 192,929 housing starts this year, which is up 168 units from last month's forecast. For 2011, the panel anticipates housing starts to moderate to 183,055.
Housing market slows for the third consecutive month
November 9, 2010
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Canada Economic News
October 21, 2016
In September, seasonally-adjusted consumer prices increased 0.2% from the previous month, which contrasted the 0.1% decrease recorded in August and marked the highest print in three months.
October 19, 2016
At its 19 October policy meeting, the Bank of Canada (BoC) decided to maintain its target for the overnight rate at 0.50%, despite a weaker inflation and growth outlook.
October 11, 2016
The Teranet-National Bank National Composite House Price index rose 0.7% in September from the previous month, which followed the 1.5% increase in August.
October 8, 2016
Seasonally-adjusted annualized housing starts registered 220,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC).
October 7, 2016
The Ivey Purchasing Managers’ Index (PMI), sponsored by the Richard Ivey School of Business and the Purchasing Management Association of Canada, increased a seasonally-adjusted 6.1 points in September, rising from 52.3 in August to 58.4.