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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.”

According to its Q1 Housing Market Outlook, the CMHC estimates that housing starts will record 187,400 units in 2015 and 185,100 units in 2016. FocusEconomics Consensus Forecast participants expect 180,765 housing starts in 2015. For 2016, the panel sees housing starts moderating to 180,674 units.


Author:, Economist

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Canada Housing Starts May 2015

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


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