Canada Housing

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Canada: Housing starts fall to nine-month low

January 9, 2015

Seasonally-adjusted annualized housing starts registered 180,600 units in December, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 6.5% decrease over November’s 193,200 units and notably undershot market expectations of 192,000 units. The decrease was driven largely by a fall in multiple urban starts.

The six-month moving average fell by 1.4% over the previous month, from November’s 194,800 average to 192,000 in December. The CMHC commented that, “Overall, activity in 2014 continued to be supported by employment growth and migration with starts remaining essentially unchanged at 189,401 compared to 187,923 in 2013. These factors are expected to continue to promote stability in the pace of new home construction during 2015.”

According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will reach 183,100 units in 2015. FocusEconomics Consensus Forecast participants expect 191,746 housing starts in 2015. For 2016, the panel sees housing starts moderating to 183,363 units.


Author: Angela Bouzanis, Senior Economist

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Canada Housing Starts December 2014

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


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