Canada: Housing starts decrease in October
November 10, 2014
Seasonally-adjusted annualized housing starts registered 183,600 units in October, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 7.0% decrease over September’s 197,400 units and undershot market expectations of 200,000 units. The increase was driven largely by a decline in starts of condominiums and multi-unit dwellings.
The six-month moving average fell 1.0% over the previous month, decreasing from 197,800 units in September to 195,700 in October. The CMHC commented that, “given the elevated level of condominium units under construction, our expectation is that condominium starts will continue to trend lower over the coming months.”