Canada: Housing starts rebound in March
April 10, 2015
Seasonally-adjusted annualized housing starts registered 189,700 units in March, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 25.4% increase over February’s 151,200 units (previously reported: 156,300 units) and overshot market expectations of 175,000 units. This month’s reading marked the highest increase in four months.
The six-month moving average fell by 0.7% over the previous month, from February’s 180,200 average to 179,000 in March, thus continuing the downward trend that has been in place since September 2014. The CMHC commented that, “the trend in housing construction has moved lower since September 2014, partly reflecting efforts to manage the level of completed but unsold units.”
Author: Robert Hill, Economist