Canada: Housing starts fall again in May
June 8, 2016
Seasonally-adjusted annualized housing starts registered 188,600 units in May, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 1.5% decrease over April’s revised 191,400 units (previously reported: +191,500 units) and undershot market expectations of an increase of 190,000 units. May’s decrease followed April’s 5.2% decrease.
The six-month moving average fell by 2.0% over the previous month, from April’s 195,000 to 191,000 in May. The CMHC commented that, “housing starts slowed in May, and are now on pace to reach 191,000 units in Canada — falling within the upper range of our housing market outlook forecast for the year. The decline we see in the trend is led by fewer multiple starts in urban areas, particularly in larger centres like Toronto.”
Author: Robert Hill, Economist