Canada: Housing starts ease in October
November 9, 2016
Seasonally-adjusted annualized housing starts registered 192,930 units in October, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 12.1% decrease from September’s revised 219,400 units (previously reported: +220,600 units). Markets had expected a stronger reading of 195,000 units.
The six-month moving average in housing starts was 199,900 in October, a slight 0.3% increase from the previous month’s 199,300. The CMHC commented that, “Housing starts remained stable in October, as the trend remained essentially unchanged from September. While apartment starts are on a downward trend in British Columbia after reaching an all-time high at the beginning of the year, increased construction of single, semi-detached and row units in the rest of the country have helped offset the decline.”
Author: Luis Lopez Vivas, Economist