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Canada: Housing starts continue on upward trend

July 9, 2014

Seasonally-adjusted annualized housing starts registered 198,200 units in June according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a modest 0.6% increase over May’s 197,000 units and overshot market expectations of 190,000 units. June’s reading represents the highest number of new housing starts since October of last year.

The six-month moving average rose 1.0% over the previous month, increasing from 184,000 units in May to 185,900 in June. The CMHC affirmed that, “[t]he trend in housing starts has been stable since March 2014,” and that, “[t]his is in line with CMHC’s analysis indicating that the new home construction market in Canada is headed for a soft landing in 2014.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will moderate to 181,100 units in 2014 and reach 182,100 units in 2015. FocusEconomics Consensus Forecast participants expect 182,156 housing starts in 2014. For 2015, the panel sees housing starts moderating to 175,657 units.


Author: Teresa Kersting, Economist

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Canada Housing Starts June 2014

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


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