Housing starts beat January forecast

February 11, 2012
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.”

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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