Canada: Housing starts increase in September
October 8, 2013
Seasonally-adjusted annualized housing starts registered 193,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure was up 5.3% from August's revised 184,000 units (previously reported: 180,300 units) and came in above market expectations of 185,000 units. The six-month moving average rose 1.1% over the previous month, increasing from 188,400 units in August to 190,500 units in September. According to the CMHC, "The trend in total housing starts edged up slightly in September, while remaining close to the range of roughly 182,000 to 188,000 units that was observed between March and August of 2013. This recent moderate gain is consistent with sales of existing homes, which have trended higher since February 2013." According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will reach 182,800 units in 2013 and 186,600 units in 2014. FocusEconomics Consensus Forecast participants are more optimistic and expect 184,000 housing starts in 2013. For 2014, the panel sees housing starts at 174,000.
Author: Carl Kelly, Economist