Canada Housing April 2017

Canada

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.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record between 174,500 and 184,300 units in 2017. FocusEconomics Consensus Forecast participants expect 202,537 housing starts in 2017. For 2018, the panel sees housing starts moderating to 183,849 units.


Author:, Economist

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Canada Housing Starts April 2017

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


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