Canada: Housing starts rebound in May
June 8, 2015
Seasonally-adjusted annualized housing starts registered 201,700 units in May, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 10.0% increase over April’s 183,300 units (previously reported: 189,500 units) and far exceeded market expectations of 185,000 units.
The six-month moving average rose by 1.0% over the previous month, from April’s 179,500 (previously reported: 179,100) to 181,200 in May. The CMHC commented that, “the small increase in the trend was primarily driven by higher multiple starts in Ontario, the Atlantic region, and Québec. Despite month-to-month variation in multiple starts, CMHC expects builders will continue to focus on managing inventory of completed but unsold units — inventory that is still above historical average.”
Author: Robert Hill, Economist