Canada Housing November 2018

Canada

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.

In its annual Housing Market Outlook released in October, the CMHC projected housing starts would range between 193,700–204,500 units in 2019 and between 189,300–201,300 units in 2020. FocusEconomics Consensus Forecast participants expect 198,000 housing starts in 2019. For 2020, the panel sees housing starts moderating to 190,000 units.


Author:, Economist

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Canada Housing Starts November 2018

Note: Monthly housing starts and six-month trend in monthly housing starts, both at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).


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