Canada Housing


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.”

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 186,882 housing starts in 2014. For 2015, the panel sees housing starts moderating to 181,369 units.

Author: Teresa Kersting, Economist

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Canada Housing Chart

Canada Housing Starts July 2014

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

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