Canada: Housing starts hit 22-month low in September
October 9, 2018
Housing starts on a seasonally-adjusted annualized (SAAR) basis dropped to 188,700 units in September according to the Canada Mortgage and Housing Corporation (CMHC). September’s print followed a 198,800-unit reading in August (previously reported: 201,000), falling below the symbolic 200,000-unit threshold for a second straight month. The result was driven mainly by a fall in multiple urban starts, especially in the western provinces. Meanwhile, single-detached starts increased slightly.
In turn, the six-month moving average of housing starts (SAAR) decreased in September, falling to 207,800 units from 214,000 a month earlier (previously reported: 214,600), a 16-month low.
Author: Steven Burke, Economist