Canada: Housing starts down in April
May 8, 2013
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 174,900 units in April, which was down 3.5% from a revised 181,100 units in March (previously reported: 180,900 units). The reading came in line with market expectations.
The 6-month moving average declined for the seventh straight month and fell 3.0% over the previous month, from 188,400 units in March to 182,800 units in April. According to the CMHC, "as expected, the trend in total housing starts continued to moderate in April. As a result, it drew closer to its historical average and is in line with estimates of household formation".
According to its Q1 Housing Market Outlook, the CMHC estimates that housing starts will reach 190,300 units in 2013 and 194,100 units in 2014. FocusEconomics Consensus Forecast participants are less optimistic and expect 180,000 housing starts in 2013. For 2014, the panel anticipates housing starts at 170,000.