Canada: Housing starts rise in December
January 10, 2012
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts increased to 200,200 units in December, which was up 7.9% from a revised 185,600 units in November (previously reported: 181,100 units). The reading came in comfortably above market expectations, which had housing starts at 188,500 units in December. According to the CMHC, the monthly increase reflected a rise in multiple urban starts. On a trend basis, housing starts ticked up 0.7%, with the 6-month moving average increasing from 201,200 units in November to 201,900 units in December. The CMHC estimates that housing starts will reach 186,750 units in 2012.