Canada Housing December 2016

Canada

Canada: Housing starts pick up in December

January 9, 2017

Seasonally-adjusted annualized housing starts registered 207,000 units in December, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 10.6% increase jump from November’s revised 187,300 units (previously reported: +184,000 units). Markets had expected a weaker reading of 195,000 units.

The six-month moving average in housing starts was 198,100 in December, a slight 0.1% decrease from the previous month’s 200,100. The CMHC commented that, “December saw multi-unit construction slow for the third consecutive month in Canada, leading housing starts to trend down. However, 2016 still counted more home starts than 2015. Increased demand for single-detached homes more than offset the decline we’re seeing in multi-unit construction—a decline that’s in response to efforts to manage current inventories.”

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 December 2016 0

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


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