Canada Housing December 2018

Canada

Canada: Housing starts subside in December

January 9, 2019

Housing starts on a seasonally-adjusted annualized (SAAR) basis abated to 213,419 units in December, according to the Canada Mortgage and Housing Corporation (CMHC). December’s reading followed an upwardly revised 224,349-unit print in November (previously reported: 215,941), driven by a drop-off in both multiple and single-detached urban starts. The reading topped analysts’ expectations of 205,000 and firmly above the symbolic 200,000-unit threshold.

Meanwhile, the six-month moving average of housing stats on a SAAR basis ebbed to 206,981 units in December from 212,338 units in November.

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 196,000 housing starts in 2019. For 2020, the panel sees housing starts moderating to 188,000 units.


Author:, Economist

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Canada Housing Starts December 2018 0

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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