Canada Housing February 2017

Canada

Canada: Housing starts moderate in March

March 8, 2017

Seasonally-adjusted annualized housing starts registered 210,200 units in February, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a slight 0.6% increase from January’s 208,900 units. Markets had expected a weaker reading of 2000,000 units.

The six-month moving average in housing starts was 204,700 in February, a 2.2% increase from the previous month’s 200,300. The CMHC commented that, “this winter has seen Canada's national housing starts trend upward, supported mostly by increased construction of homes in Ontario. New single-detached home construction in Ontario is reaching levels not seen in the province since July 2008 — offsetting recent slowdowns in British Columbia.”

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 182,438 housing starts in 2017. For 2018, the panel sees housing starts moderating to 177,153 units.


Author:, Economist

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Canada Housing Starts February 2017

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


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