Canada Housing January 2017

Canada

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.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record between 174,500 and 184,300 units in 2017. FocusEconomics Consensus Forecast participants expect 184,775 housing starts in 2017. For 2018, the panel sees housing starts moderating to 177,517 units.


Author:, Economist

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Canada Housing Starts January 2017

Note: Monthly housing starts at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).


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