Canada: Housing starts rebound in May
June 10, 2013
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts rose to 200,200 units in May, which was up 13.8% from a revised 175,900 units in April (previously reported: 174,900 units) and came in above market expectations of 179,100 units. The 6-month moving average, however, fell for the eighth straight month and inched down 0.1% over the previous month, from 183,000 units in April to 182,800 units in May. According to the CMHC, "the trend in total housing starts was essentially unchanged in May as gains in the multiple starts segment partly offset the moderation in activity that was observed in previous months". According to its Q1 Housing Market Outlook, the CMHC estimates that housing starts will reach 190,300 units in 2013 and 194,100 units in 2014. FocusEconomics Consensus Forecast participants are less optimistic and expect 175,000 housing starts in 2013. For 2014, the panel anticipates housing starts at 171,000.