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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.”

According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will moderate to 184,800 units in 2014 and reach 183,100 units in 2015. FocusEconomics Consensus Forecast participants expect 188,180 housing starts in 2014. For 2015, the panel sees housing starts moderating to 181,083 units.


Author: Angela Bouzanis, Senior Economist

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Canada Housing Starts October 2014

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


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