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.”