Canada Housing January 2019

Canada

Canada: Housing starts abate in January

February 8, 2019

Housing starts on a seasonally-adjusted annualized (SAAR) basis fell to 207,968 units in January, according to the Canada Mortgage and Housing Corporation (CMHC). January’s reading followed an upwardly revised 213,630-unit print in December (previously reported: 213,419), driven by a drop-off in single-detached urban starts. The reading topped analysts’ expectations of 205,000 and was firmly above the symbolic 200,000-unit threshold.

Meanwhile, the six-month moving average of housing starts on a SAAR basis ticked up to 208,131 units in January from 207,171 units in December.

In its annual Housing Market Outlook released in October, the CMHC projected housing starts would range between 193,700–204,500 units in 2019 and between 189,300–201,300 units in 2020. FocusEconomics Consensus Forecast participants expect 199,000 housing starts in 2019. For 2020, the panel sees housing starts moderating to 191,000 units.


Author:, Economist

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Canada Housing Starts January 2019

Note: Monthly housing starts and six-month trend in monthly housing starts, both at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).


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