Canada: Housing starts increase in October
November 8, 2013
Seasonally-adjusted annualized housing starts registered 198,300 units in October, according to the government-owned Canada Mortgage and Housing Corporation (CMHC). The figure was up 1.2% from September's revised 195,900 units (previously reported: 193,600 units) and came in above market expectations of 190,800 units.
The six-month moving average rose 1.1% over the previous month, increasing from 191,600 units in September to 195,300 units in October. According to the CMHC, "the trend in total housing starts has gained momentum since July, which is in line with expectations that new construction would strengthen over the second half of 2013."
According to its Q3 Housing Market Outlook, the CMHC estimates that housing starts will reach 182,800 units in 2013 and 186,600 units in 2014. FocusEconomics Consensus Forecast participants expect 184,000 housing starts in 2013. For 2014, the panel sees housing starts at 176,000.
Author: Carl Kelly, Economist