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.”
Author: Robert Hill, Economist