Canada: Housing starts in March ease from February's five month high
April 8, 2016
Seasonally-adjusted annualized housing starts registered 204,600 units in March, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 6.7% decrease over February’s revised 219,400 units (previously reported: +212,600 units) and substantially overshot market expectations of an increase of 190,000 units. March’s decrease contrasts February’s 25.3% increase.
The six-month moving average fell by 2.4% over the previous month, from February’s revised 201.700 (previously reported: +199,100 units) to 196.900 in March. The CMHC commented that, “overall, starts were trending lower in March due to a slowdown in multi-unit construction. This was the case across the country, except in British Columbia where declining inventories of new and unsold units as well as low levels of new listings in the resale market spurred builders to start new projects.”
Author: Robert Hill, Economist