Canada Housing December 2017

Canada

Canada: Housing starts ease in December, but trend remains firm

January 9, 2018

Seasonally-adjusted annualized housing starts for December came in at 217,000 units, according to the Canada Mortgage and Housing Corporation (CMHC). December’s reading was down 13.8% compared to November’s revised figure of 251,700 units (previously reported: +252,200 units), marking seven consecutive months of housing starts above the symbolic 200,000-unit threshold, and beating analysts’ expectations of a steeper decline to 211,000 units.

December’s slowdown was driven largely by a drop in the annualized pace of urban starts, especially multi-unit urban starts in Ontario. That said, the six-month moving average of housing starts nationwide was broadly stable from a month earlier at its highest level in almost 10 years, increasing marginally to 226,800 units from 226,200 units in November.

In its annual Housing Market Outlook, released in October, the CMHC projected housing starts to range between 192,200–203,000 units this year and between 192,300–203,800 units in 2019. FocusEconomics Consensus Forecast participants expect 199,400 housing starts in 2018. For 2019, the panel sees housing starts moderating to 189,600 units.


Author:, Economist

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Canada Housing Starts December 2017 0

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


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