Canadian Housing Starts Decline in February, following January’s Strong Performance

The Canadian Mortgage and Housing Corporation (CMHC) is reporting that housing starts in Canada declined in February to 242,777 units, down from January’s 244,962 units. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR of housing starts for all areas in Canada was 245,922 units in February, a decrease of -13.5% from 284,372 units in January. The SAAR of urban starts decreased by -14% in February to 231,042 units. Multiple urban starts decreased by -15.8% to 163,757 units in February while single-detached urban starts decreased by -9.3% to 67,285 units. Rural starts were estimated at a seasonally adjusted annual rate of 14,880 units. In a statement prepared for the release of the report Bob Dugan CMHC’s chief economist said, “”The national trend in housing starts declined in February but remained elevated. Single-detached SAAR starts declined in February following strong growth in January, particularly in Montreal. Multi-family SAAR starts also declined in several centers in February, further contributing to the decline in the overall trend.”