Canada: Housing starts shoot up in April
May 8, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts soared to 244,900 units in April, which was up 14.0% from a revised 214,800 units in March (previously reported: 215,600 units). The reading represents the fastest increase in housing starts since August 2009 and came in well above market expectations, which had housing starts moderating to 202,000 units. According to the CMHC, the monthly increase mainly reflected a rise in the multiples segment. The 6-month moving average rose 5.6% over the previous month, from 203,100 units in March to 208,700 units in April, following a well-established upward trend. The CMHC estimates that housing starts will reach 190,000 units in 2012 and 193,800 units in 2013.