Canada: Housing starts fall to a one-year low in November
December 10, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 196,100 units in November, which was down 3.6% from a revised 203,500 units in October (previously reported: 204,100 units). Moreover, the reading came in below market expectations that had housing starts moderating to 200,000 units and represented the lowest figure since November 2011. According to the CMHC, November's deterioration mainly reflected a decline in single-detached and multi-unit housing construction.
The 6-month moving average declined 1.6% over the previous month, from 218,100 units in October to 214,700 units in November.
According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will reach 213,700 units in 2012 and 193,600 units in 2013 (previously forecasted: 207,200 units and 193,100 units, respectively).