Canada: Housing starts inch up in January
February 8, 2011
The Canadian housing market recovered slightly in January, after housing starts fell by 29,000 units in December, the worst result since April 2009. According to the government-owned Canada Mortgage and Housing corporation (CMHC), seasonally adjusted annualized housing starts reached 170,400 units in January, up 0.8% from a revised downwards 169,000 units in December (previously reported: 171,500 units). The figure came in below market analyst expectations of 174,000 housing starts. The CMHC estimates housing starts will total 174,800 units in 2011.