Canada Housing March 2017

Canada

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.”

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 193,210 housing starts in 2017. For 2018, the panel sees housing starts moderating to 182,083 units.


Author:, Economist

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Canada Housing Starts March 2017

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


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