Canada: Housing starts climb higher in June
July 8, 2015
Seasonally-adjusted annualized housing starts registered 202,800 units in June, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 3.0% increase over May’s 197,000 units (previously reported: 201,700 units) and far exceeded market expectations of 190,000 units.
The six-month moving average rose by 2.3% over the previous month, from May’s 179,900 to 184,000 in June. The CMHC commented that, “the trend in housing starts increased this month as multiple starts trended upward, offsetting a downward trend in single-detached home starts.” The CMHC also stated that it expects seasonally adjusted multiple starts to moderate over the coming months.
Author: Robert Hill, Economist