Canada: Housing starts climb in November
December 8, 2015
Seasonally-adjusted annualized housing starts registered 211,900 units in November, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 7.2% increase over September’s revised three-year-high of 197,700 units (previously reported: 198,100 units) and overshot market expectations of 197,300 units.
The six-month moving average rose by 1.1% over the previous month, from October’s 206,100 to 208,400 in November. The CMHC commented that, “the trend in housing starts increased for a seventh consecutive month due to the multi-unit segment. Rising single home prices continue to support demand for multiples, which are poised to reach the largest proportion of total urban starts since 1971. However, inventory management is necessary to make sure that these units do not remain unsold upon completion.”
Author: Robert Hill, Economist