Canada: Housing starts moderate in January
February 8, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts decreased to 197,900 units in January, which was down 1.0% from a revised 199,900 units in December (previously reported: 200,200 units). The reading came in above market expectations, which had housing starts at 192,000 units. According to the CMHC, the monthly decline reflected a decrease in multiple urban starts. On a trend basis, housing starts fell 2.5%, with the 6-month moving average moving from 201,800 units in December to 199,300 units in January. The CMHC estimates that housing starts will reach 186,750 units in 2012.