Canada: Housing starts surge in June
July 9, 2016
Seasonally-adjusted annualized housing starts registered 218,300 units in June, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure marked a substantial 16.9% increase over May’s revised 186,700 units (previously reported: +188,600 units) and significantly overshot market expectations of an increase of 190,000 units. June’s surge contrasted May’s 1.2% decrease.
The six-month moving average in housing starts was 197,900 in June, which marked a 4.0% increase over the previous month’s 190,300. The CMHC commented that, “overall, June saw housing starts pick up pace in Canada, bolstered by apartment construction in Ontario – especially new condo construction in Toronto’s downtown core.”
Author: Luis Lopez Vivas, Economist