Canada Housing June 2016

Canada

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.”

According to its Q2 Housing Market Outlook, the CMHC estimates that housing starts will record between 181,300 and 192,300 units in 2016 and between 172,600 and 183,000 units in 2017. FocusEconomics Consensus Forecast participants expect 190,224 housing starts in 2016. For 2017, the panel sees housing starts moderating to 179,200 units.


Author:, Economist

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Canada Housing Starts June 2016

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


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