Housing starts edge up in February
March 11, 2014 By Canadian Garden Centre & Nursery
Mar. 11, 2014, Ottawa — Housing starts in Canada were trending at 192,236 units in February.
This was up slightly from the 191,513 units the Canada Mortgage and Housing Corporation (CMHC) recorded in January. The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"The trend in housing starts remained stable in February for the seventh consecutive month. Since August 2013, the trend has essentially remained in the 185,000 to 195,000 range, with month-to-month variations generally of two per cent or less. This is in line with CMHC's outlook calling for a stable housing market in 2014," said Mathieu Laberge, deputy chief economist at CMHC.
The standalone SAAR was 192,094 units in February, up from 180,481 units in January.
Urban starts increased by 7.5 per cent in February (to 175,584 units), while multiple urban starts increased by 13.3 per cent (to 116,458 units).
Rural starts were estimated at a seasonally adjusted annual rate of 16,510 units.
Seasonally adjusted annual rates of urban starts increased in Atlantic Canada and Quebec. Rates were stable in Ontario but decreased in the Prairies and British Columbia.
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