Canada: Housing starts jump to over nine-year high in March
April 10, 2017
Seasonally-adjusted annualized housing starts registered 253,720 units in March, according to the Canada Mortgage and Housing Corporation (CMHC). The figure marked a significant jump, increasing 18.4% from February’s 214,253 units and coming in ahead of market expectations of 215,000 units started. The March reading marked the highest number of units started since September 2007.
The six-month moving average in housing starts was 211,342 in March, a 2.8% increase from the previous month’s revised 205,521 (previously reported: 204,700) and marked the fastest acceleration in nine months. The CMHC commented that, “stronger residential construction at the national level is reflected by a rising trend in single-detached and multi-unit starts in Ontario and continued growth of new rental apartments in Québec.”
Author: Christopher Thomas, Economist