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.”
Author: Luis Lopez Vivas, Economist