Canada: Housing starts lose momentum in July
August 11, 2015
Seasonally-adjusted annualized housing starts registered 193,000 units in July, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 4.6% decrease over June’s 202,300 units (previously reported: 202,800 units) and just undershot market expectations of 195,000 units.
The six-month moving average rose by 0.8% over the previous month, from June’s 184,000 to 185,600 in July. The CMHC commented that, “housing starts in Canada have been trending higher over the past three months, with gains in multiple starts offsetting declines in single starts. The decline in single starts is in line with CMHC’s expectations of buyers shifting demand away from higher priced new single-detached homes towards lower-priced alternatives.”
Author: Robert Hill, Economist