Canadian housing continues to cool

Housing starts in Canada were trending at 203,208 units in January, says the Canada Mortgage and Housing Corporation (CMHC).

“The trend in total housing starts has been moderating since September 2012 and in existing home sales since May 2012,” says Mathieu Laberge, deputy chief economist at CMHC.

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He adds, “Trends in the two market segments typically follow a similar pattern with the new home market lagging behind the existing home market by a few months. The current trend is also in line with CMHC’s housing market outlook, which calls for moderation in housing starts activity in 2013.”

January’s seasonally adjusted annual rates of urban starts decreased in Ontario by 43.9% and in Quebec by 29.6%. There was also a drop in the Prairies of 5.9%.

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In contrast, urban starts increased in Atlantic Canada by 59.4% and in British Columbia by 7.7%.

Preliminary housing starts data is also available at Preliminary Housing Starts Tables.

Staff

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