Canada: Housing starts plunge in January
February 8, 2013
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts fell to 160,600 units in January, which was down 18.5% from a revised 197,100 units in December (previously reported: 198,000 units). The reading represents the lowest figure since July 2009 and came in below market expectations that had housing starts moderating to 195,000 units.
The 6-month moving average declined 4.1% over the previous month, from 212,000 units in December to 203,200 units in January and remains on a downward trajectory.
According to its Q4 Housing Market Outlook, the CMHC estimates that housing starts will reach 193,600 units in 2013 (previously forecasted: 193,100 units).