Canada: Housing starts dip from sky-high March print in April
May 8, 2017
Seasonally-adjusted annualized housing starts registered 214,100 units in April, according to the Canada Mortgage and Housing Corporation (CMHC). April’s figure marked a significant decrease from a month earlier, declining 15.1% from March’s near-decade high 252,300 units—although it was still in line with last year’s highs. April’s print came in just slightly ahead of market expectations of 210,000 units started.
The six-month moving average in housing starts was a more than four-year high 213,800 units in April, a 1.5% increase from the previous month’s revised 210,700 (previously reported: 211,342). The CMHC commented that, “the increase in the trend was mainly due to apartment construction in British Columbia and Québec, which was partly offset by a decline in Ontario’s multiple starts.”
Author: Christopher Thomas, Economist