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Housing starts beat January forecast


February 11, 2012
By Amanda Ryder

Feb. 11, 2012, Ottawa – The seasonally adjusted annual rate of housing starts was
197,900 units in January, according to Canada Mortgage and Housing
Corporation (CMHC). This is down from 199,900 units in December 2011, but still ahead of most analyst forecasts.

“The slight decrease posted in January was attributable to a decrease
in Quebec and in Atlantic Canada”, said Mathieu Laberge, Deputy Chief
Economist at CMHC’s Market Analysis Centre. “The multiple starts segment
accounted for most of the reduction in those two regions.”

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The seasonally adjusted annual rate of urban starts decreased by
2.8 per cent to 176,600 units in January. Urban single starts decreased
by 7.8 per cent in January to 64,900 units, while multiple urban starts
were slightly up by 0.4 per cent to 111,700 units.

January’s seasonally adjusted annual rate of urban starts decreased
by 35.4 per cent in Atlantic Canada, and by 34.4 per cent in Québec.
Urban starts increased by 28 per cent in British Columbia, by 11.1 per
cent in Ontario, and by 2.3 per cent in the Prairies.

Rural starts were estimated at a seasonally adjusted annual rate of 21,300 units in January.


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