Canada Housing


Canada: Housing starts fall in October

November 9, 2015

Seasonally-adjusted annualized housing starts registered a three-month low of 198,100 units in October, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 14.4% decrease over September’s revised three-year-high of 231,300 units (previously reported: 230,700 units) and undershot market expectations of 200,000 units.

The six-month moving average rose by 1.6% over the previous month, from September’s 202,800 to 206,100 in October. The CMHC commented that, “new condominium and rental starts continued to push the trend higher in October. Rental starts across urban centres are poised to reach their highest level since 1992 due to low vacancy rates in recent years.”

According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will record 178,150 units in 2015 and 173,650 units in 2016. FocusEconomics Consensus Forecast participants expect 192,091 housing starts in 2015. For 2016, the panel sees housing starts moderating to 181,483 units.

Author:, Economist

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Canada Housing Chart

Canada Housing Starts October 2015

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

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