Canada: Housing starts increase in August
September 11, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts rose to 224,900 units in August, which was up 8.1% from a revised 208,000 units in July (previously reported: 208,500 units). The reading came in well above market expectations that had housing starts moderating to 200,000 units. According to the CMHC, August's improvement mainly reflected an increase in large multi-unit projects. The 6-month moving average rose 1.6% over the previous month, from 219,400 units in July to 222,900 units in August, and thus continues to follow a well-established upward trend. The CMHC estimates that housing starts will reach 207,200 units in 2012 and 193,100 units in 2013.