Canada Housing October 2018

Canada

Canada: Housing starts recover somewhat in October

November 8, 2018

Housing starts on a seasonally-adjusted annualized (SAAR) basis climbed to 205,900 units in October, according to the Canada Mortgage and Housing Corporation (CMHC). October’s print bounced back from a 189,700-unit reading in September, surpassing the symbolic 200,000-unit threshold once again. The result was driven mainly by a rise in urban multi-unit starts, which offset a decline in single-detached starts compared to the previous month.

Meanwhile, the six-month moving average of housing starts (SAAR) inched down yet again in October, falling to 206,200 units from 207,800 units a month earlier.

In its annual Housing Market Outlook released in October, the CMHC projected housing starts would range between 193,700–204,500 units in 2019 and between 189,300–201,300 units in 2020. FocusEconomics Consensus Forecast participants expect 198,700 housing starts in 2019. For 2020, the panel sees housing starts moderating to 189,600 units.


Author:, Economist

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Canada Housing Starts October 2018

Note: Monthly housing starts and six-month trend in monthly housing starts, both at seasonally-adjusted annualized rate.
Source: Canada Mortgage and Housing Corporation (CMHC).


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