Canada Housing April 2016


Canada: Housing starts in April ease from March's five-month high

May 9, 2016

Seasonally-adjusted annualized housing starts registered 191,500 units in April, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 5.4% decrease over March’s revised 202,400 units (previously reported: +204,600 units) and contrasted market expectations of an increase to 195,000 units. April’s decrease follows March’s 6.9% decrease.

The six-month moving average fell by 0.5% over the previous month, from March’s revised 196,100 (previously reported: +196.900 units) to 195,100 in April. The CMHC commented that, “while the trend for Canada remained stable in April, there were off-setting differences at the local level, notably in Vancouver and Montréal. Condo construction is slowing down in Montreal as builders are managing inventories by channelling demand to units that have been completed but remain unsold.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record between 181,300 and 192,300 units in 2016 and between 176,600 and 183,000 units in 2017. FocusEconomics Consensus Forecast participants expect 185,447 housing starts in 2016. For 2017, the panel sees housing starts moderating to 176,958 units.

Author:, Economist

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Canada Housing Chart

Canada Housing Starts April 2016

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

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