Canada: Housing starts rebound in February
March 8, 2013
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts rose to 178,000 units in February, which was up 12.0% from a revised 159,000 units in January (previously reported: 160,600 units). The reading came in above market expectations that had housing starts increasing to 175,000 units.
The 6-month moving average declined 4.1% over the previous month, from 203,000 units in January to 194,600 units in February and remains on a downward trajectory.
According to its Q1 Housing Market Outlook, the CMHC estimates that housing starts will reach 190,300 units in 2013 and 194,100 units in 2014. FocusEconomics Consensus Forecast participants are less optimistic and expect 180,000 housing starts in 2013. For 2014, the panel anticipates housing starts also at 180,000.