Canada: Housing starts moderate in September
October 9, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 220,200 units in September, which was down 2.3% from a revised 225,300 units in August (previously reported: 224,900 units). The reading, however, came in above market expectations that had housing starts moderating to 205,000 units. According to the CMHC, September's deterioration mainly reflected a decrease in urban multiple starts. The 6-month moving average edged up 0.5% over the previous month, from 223,000 units in August to 224,000 units in September, and thus continues to follow a well-established upward trend since the beginning of this year.