Canada: Housing starts improve in September
October 11, 2011
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts increased to 205,900 units in September, which was up 7.3% from a revised 191,900 units in August (previously reported: 184,700 units). The reading came in comfortably above market expectations, which saw housing starts fall to 186,000 units in August. According to the CMHC, the monthly increase reflected an increase in multiple starts in some regions of Canada. On a trend basis, housing starts continued to edge up for four consecutive months, with the 6-month moving average increasing to 198,100 units in August. The CMHC estimates that housing starts will reach 183,200 units in 2011 and 183,900 units in 2012.