Canada Housing September 2016


Canada: Housing starts jump in September

October 8, 2016

Seasonally-adjusted annualized housing starts registered 220,600 units in September, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a massive 19.8% increase from August’s revised 184,200 units (previously reported: +182,700 units) and the total level of units reached was the strongest result since September 2015. Markets had expected a weaker reading of 190,000 units.

The six-month moving average in housing starts was 199,500 in September, a 1.5% increase from the previous month’s 196,500. The CMHC commented that, "Housing starts were on an upward trend in September, as residential construction increased across the country with the exception of Ontario, where the multiples segment softened to levels that are more consistent with household formation. Quebec saw the largest gain in housing starts due to the development of new rental apartments intended for seniors. That said, Quebec’s growing apartment stock emphasizes the importance of inventory management.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record between 181,300 and 192,300 units in 2016 and between 172,600 and 183,000 units in 2017. FocusEconomics Consensus Forecast participants expect 193,527 housing starts in 2016. For 2017, the panel sees housing starts moderating to 182,431 units.

Author:, Economist

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Canada Housing Chart

Canada Housing Starts September 2016

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

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