Canada: Housing starts increase again in July
August 11, 2014
Seasonally-adjusted annualized housing starts registered 200,100 units in July, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a mild 0.7% rise over June’s 198,700 units and overshot market expectations of 193,000 units. July’s print marks the highest number of new housing starts since October of last year.
The six-month moving average rose 2.1% over the previous month, increasing from 186,000 units in June to 189,800 in July. The CMHC affirmed that, “[t]he trend in construction has increased modestly in recent months due to in large part to multiple starts, which have strong variability from month-to-month,” and continues to expect, “a soft landing for the new home construction market in Canada.”