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Canadian housing starts unexpectedly jump to a 15-month high in June
Canadian housing starts unexpectedly rose 4.3% to 205,100 annualized units in July to build on the downwardly revised 1.7% increase to 196,600 annualized units seen in June (previously reported as 200,800). The increase in the pace of homebuilding in July comes as a surprise, because market expectations were for a decrease to 194,500 annualized units. This represents the fastest pace of starts since April 2010.
The increased pace of new home construction in July was almost solely due to strength in the volatile urban-multiples component, which jumped 13.0% to an annualized 120,200 units, the category`s fastest pace of starts since October 2008. The rural-starts component also posted an increase in the month, up 1.0% to an annualized 19,900 units. The generally stable urban single-unit starts provided an offset in the month, falling 7.8% to 65,000 annualized units to retrace some of June`s 11.0% jump.
The strength in starts was mainly concentrated in increases in the Atlantic region (36.1%) and British Columbia (33.0%), which each saw substantial increases within the multiples sector (up 81.6% and 47.5%, respectively). Ontario also saw starts increase (1.7%) as continued strength in multiple-unit starts more than offset weakness in singles. Starts edged lower in the Prairies (-0.3%) while Quebec saw a sharp decline (-7.8%) as both singles and multiples fell.
Read the full article here.
Canadian housing starts unexpectedly rose 4.3% to 205,100 annualized units in July to build on the downwardly revised 1.7% increase to 196,600 annualized units seen in June (previously reported as 200,800). The increase in the pace of homebuilding in July comes as a surprise, because market expectations were for a decrease to 194,500 annualized units. This represents the fastest pace of starts since April 2010.
The increased pace of new home construction in July was almost solely due to strength in the volatile urban-multiples component, which jumped 13.0% to an annualized 120,200 units, the category`s fastest pace of starts since October 2008. The rural-starts component also posted an increase in the month, up 1.0% to an annualized 19,900 units. The generally stable urban single-unit starts provided an offset in the month, falling 7.8% to 65,000 annualized units to retrace some of June`s 11.0% jump.
The strength in starts was mainly concentrated in increases in the Atlantic region (36.1%) and British Columbia (33.0%), which each saw substantial increases within the multiples sector (up 81.6% and 47.5%, respectively). Ontario also saw starts increase (1.7%) as continued strength in multiple-unit starts more than offset weakness in singles. Starts edged lower in the Prairies (-0.3%) while Quebec saw a sharp decline (-7.8%) as both singles and multiples fell.
Read the full article here.