Canada: Housing starts deteriorate in October
November 8, 2011
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts increased 207,600 units in October, which was down 0.6% from a revised 208,800 units in September (previously reported: 205,900 units). Nevertheless, the reading came in comfortably above market expectations, which saw housing starts fall to 195,000 units in October. According to the CMHC, the monthly decrease reflected a decline in single-detached starts in urban centres. On a trend basis, housing starts have continued to edge up for five consecutive months, with the 6-month moving average increasing to 201,200 units in October. The CMHC estimates that housing starts will reach 183,200 units in 2011 and 183,900 units in 2012.