Canada Housing June 2019

Canada

Canada: Housing starts surge in June, rounding off a solid Q2

July 10, 2019

Housing starts on a seasonally-adjusted (SAAR) basis rose to 245,657 units in June, according to the Canada Mortgage and Housing Corporation (CMHC), smashing analysts’ expectations. June’s reading was up markedly from May’s downwardly revised 196,809-unit print (previously reported: 202,337), and was driven by more multiple and single-detached urban starts.

Meanwhile, the six-month average of housing starts on a SAAR basis increased to 205,838 units in June from 200,530 in May. Over Q2 as a whole, housing starts averaged notably higher than in the prior quarter, which bodes well for construction investment.

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, meanwhile, expect 198,000 housing starts in 2019, before moderating to 193,000 units in 2020.


Author:, Economist

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Canada Housing Starts June 2019

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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