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.”
Author: Luis Lopez Vivas, Economist