Canada: Housing starts increase slightly in January but manage to beat expectations
February 8, 2017
Seasonally-adjusted annualized housing starts registered 207,400 units in January, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a mild 0.5% increase from December’s revised 206,300 units (previously reported: +207,000 units). Markets had expected a weaker reading of 200,000 units.
The six-month moving average in housing starts was 199,800 in January, a slight 1.0% increase from the previous month’s 197,900. The CMHC commented that, “New home construction started off strong in 2017, both in terms of single-detached homes and multi-unit residential. While Ontario starts continue to drive the national trend upwards, construction has slowed in BC since last July when it reached a near record high. This slowdown can be partly attributed to builders focusing on projects still underway.”
Author: Luis Lopez Vivas, Economist