Canada Housing Starts - YoY

Description

Released on a monthly basis by the Canadian Mortgage and Housing Corporation, data on housing starts monitor new construction projects for single-family homes and multi-dwelling units in Canada. Because housing represents an important segment of the Canadian economy, this indicator impacts other industries such as banking (e.g. mortgages), employment, construction and manufacturing.
Latest Release: 08-12-2014 13:15:00
Next Release: 08-11-2013 13:15:00
Source:Canada Mortgage and Housing Corpora...

Canadian housing starts declined more than forecast in August, supporting expectations for a broad cool down in housing activity in the second half of the year.

Groundbreaking last month rose to a seasonally adjusted annual rate of 192,368, following a downwardly revised reading of 199,813 in July, the Canadian Mortgage and Housing Corporation reported today.

The figure was below the median estimate of economists, which called for a decline to 195,500.

August starts pushed the six-month moving average to 189,596.

”The currently elevated level of inventory of newly completed and unoccupied condominiums, and units under construction, supports CMHC’s view that condominium starts will likely see a declining trend over the coming months as developers and builders seek to limit risks of over-building,” said CHMC chief economist Bob Dugan in a statement. “However, there may still be some variability from month to month as the number of presales for some planned condominium projects reaches sufficient levels to trigger project start.”

Urban starts decreased to 175,668 in August from 182,524 the previous month, while multiple urban starts decreased to 110,842.

Groundbreaking for single-detached urban starts decreased to 64,826, the national housing agency said. Urban starts decreased in Ontario and Atlantic Canada and increased in the West. Urban starts were relatively unchanged in Quebec.

The report came just one day after...