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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.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will moderate to 181,100 units in 2014 and reach 182,100 units in 2015. FocusEconomics Consensus Forecast participants expect 185,548 housing starts in 2014. For 2015, the panel sees housing starts moderating to 177,829 units.


Author: Angela Bouzanis, Senior Economist

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Canada Housing Starts August 2014

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


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