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.”
Author: Robert Hill, Economist