Canada: Housing starts hit lowest level in five months
September 9, 2014
Seasonally-adjusted annualized housing starts registered 192,400 units in August, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 3.7% contraction over July’s 199,800 units and undershot market expectations of 195,000 units. August’s print marks the lowest number of new housing starts in five months.
The six-month moving average inched up 0.1% over the previous month, increasing from 186,600 units in July to 189,800 in August. The CMHC commented that, “condominium starts will likely see a declining trend over the coming months as developers and builders seek to limit risks of over-building.”