Canada Housing September 2018

Canada

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.

In its annual Housing Market Outlook, released last October, the CMHC projected housing starts would range between 192,200–203,000 units this year and between 192,300–203,800 units in 2019. FocusEconomics Consensus Forecast participants expect 214,000 housing starts in 2018. For 2019, the panel sees housing starts moderating to 200,900 units.


Author:, Economist

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Canada Housing Starts September 2018

Note: Monthly housing starts and six-month trend in monthly housing starts, both at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).


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