Canada Housing


Canada: Housing starts pick up in January

February 9, 2015

Seasonally-adjusted annualized housing starts registered 187,300 units in January, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 4.3% increase over December’s 179,600 units and notably overshot market expectations of 178,500 units. The rise was driven largely by an increase in multiple urban starts.

The six-month moving average fell by 1.4% over the previous month, from December’s 191,600 average to 189,000 in January, thus reaching the lowest level in seven months. The CMHC commented that, “[o]verall, economic and demographic factors remain supportive of housing demand. The moderation in new home construction reflects inventory management by builders and is in line with CMHC’s expectations.”

According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will record 189,500 units in 2015 and 187,000 units in 2016. FocusEconomics Consensus Forecast participants expect 159,141 housing starts in 2015. For 2016, the panel sees housing starts moderating to 153,358 units.

Author:, Senior Economist

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Canada Housing Chart

Canada Housing Starts January 2015

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

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