Canada: Housing starts increase in November
December 10, 2018
Housing starts on a seasonally-adjusted annualized (SAAR) basis climbed to 215,941 units in November, according to the Canada Mortgage and Housing Corporation (CMHC). November’s print followed a revised 206,753-unit reading in October (previously reported: 205,900). The reading topped analysts’ expectations while landing firmly above the symbolic 200,000-unit threshold.
Meanwhile, the six-month moving average of housing starts on a SAAR basis inched up to 210,038 units in November from 206,460 units in October. The result was driven mainly by an increase in multi-unit starts, offsetting the slowdown in single-detached starts.
Author: Steven Burke, Economist