Canada Housing August 2017

Canada

Canada: Trend in housing starts inches higher in August

September 11, 2017

Seasonally-adjusted annualized housing starts registered a notable 223,200 units in August, according to the Canada Mortgage and Housing Corporation (CMHC). August’s figure marked a third consecutive month of recovery in housing starts after falling sharply in early-Q2, inching up 0.6% from July’s 222,000 units and once again landing above most of last year’s prints. August’s reading surprised market analysts that had expected a modest drop to 216,000 units started.

August’s six-month moving average for housing starts reached a nearly five-year high of 219,400 units, a 1.0% increase from July’s 217,300 units. Bob Dugan, CMHC’s chief economist, commented that, “demand for new homes remains strong, consistent with consumer confidence which reached its highest level in ten years.” In the overheated Toronto market, housing starts—particularly high-rise condominium starts—trended higher as positive market sentiment boosted pre-construction sales.

According to its annual Housing Market Outlook, the CMHC estimates that housing starts will record between 174,500 and 184,300 units in 2017. FocusEconomics Consensus Forecast participants expect 210,814 housing starts in 2017. For 2018, the panel sees housing starts moderating to 193,748 units.


Author:, Economist

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Canada Housing Starts August 2017 0

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


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