Canada Housing Starts Hold Steady in January at 216,210
By Paul Vieira
OTTAWA--Canadian housing starts in January were largely unchanged from the previous month, leaving the six-month moving average near a 10-year high.
Housing starts for the first month of 2018 stood at a seasonally adjusted annualized rate of 216,210, compared with a slightly revised 216,275 units in December, Canada Mortgage & Housing Corp. said Thursday. The January result was just above market expectations of 210,000, according to economists at Royal Bank of Canada.
The trend measure, or a six-month moving average of the monthly seasonally adjusted annual rates of housing starts, was 224,865 units in January.
Gains in Vancouver and elsewhere in the Pacific-coast province of British Columbia offset weakness in the Toronto area.
Analysts expect housing starts to eventually cool in 2018, as interest rates head higher and tougher mortgage-financing rules begin to weigh on house-buying decisions.
CMHC said that in January, urban starts rose a slight 0.2% to 198,400 units. Multiple urban starts held steady at 134,685 units, while single-detached urban starts increased by 0.6% to 63,715 units. Rural starts were estimated at a seasonally adjusted annual rate of 17,810 units.
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(END) Dow Jones Newswires
February 08, 2018 09:40 ET (14:40 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.