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.
Author: Steven Burke, Economist