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Canada: Housing starts rise to seven-month high

December 8, 2014

Seasonally-adjusted annualized housing starts registered 195,600 units in November, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a 6.5% increase over October’s 183,700 units and slightly overshot market expectations of 195,000 units. The increase was driven largely by an increase in multiple urban starts.

The six-month moving average recorded zero growth over the previous month, stabilizing in November at October’s 195,800 . The CMHC commented that, “this is in line with our expectations for 2014, of a stable national picture with new home building concentrated in multiple starts.”

According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will moderate to 184,800 units in 2014 and reach 183,100 units in 2015. FocusEconomics Consensus Forecast participants expect 189,974 housing starts in 2014. For 2015, the panel sees housing starts moderating to 184,097 units.


Author: Angela Bouzanis, Senior Economist

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Canada Housing Starts November 2014

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


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