Canada: Housing starts moderate in August
September 9, 2011
The Canadian housing market begins to show signs of weakness. According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts dropped to 184,700 units in August, down 9.7% from a revised 204,500 units in July (previously reported: 205,100 units). The reading came in well below market expectations, which saw housing starts fall to 200,000 units in August. According to CMHC, the monthly fall reflected decreases in multiple urban starts in virtually all regions of Canada. The CMHC estimates housing starts to reach 183,200 units in 2011 and 183,900 units in 2012.