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.”
Author: Robert Hill, Economist