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Canada: Housing starts pick up in August

September 9, 2015

Seasonally-adjusted annualized housing starts registered a three-year high of 216,900 units in August, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 12.2% increase over July’s revised 193,300 units (previously reported: 190,000 units) and overshot market expectations of 190,000 units.

The six-month moving average rose by 5.9% over the previous month, from July’s 185,600 to 196,600 in August. The CMHC commented that, “housing starts have been trending up, supported by strong condominium activity in Toronto. This is in line with CMHC’s most recent forecasts that would see demand shift from new higher-priced single-detached homes towards lower-priced alternative.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record 181,618 units in 2015 and 181,800 units in 2016. FocusEconomics Consensus Forecast participants expect 180,765 housing starts in 2015. For 2016, the panel sees housing starts moderating to 180,674 units.


Author:, Economist

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Canada Housing Starts August 2015

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


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