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Housing Starts Move Down in February
VANCOUVER, March 8, 2007 — The seasonally adjusted annual rate1 of housing starts was 196,200 units in February, down from 248,500 units in January, according to Canada Mortgage and Housing Corporation (CMHC).
“Following the unusually strong surge in construction activity in January, which was partly attributable to the unseasonably warm weather, housing starts in February returned to levels more in line with expectations,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Housing starts are likely to increase in the coming months and are forecasted to reach 209,500 units in 2007.”
February’s seasonally adjusted annual rate of urban starts was 163,200 units, down 24.3 per cent from January. Urban multiples fell 33.0 per cent to 82,800 units in February, while singles decreased 12.6 per cent to 80,400 units.
Urban starts in February dropped across all regions. Urban multiple starts declined in all regions except in the Atlantic where they rose 15.6 per cent. Urban single starts were down everywhere except in British Columbia where they remained unchanged from January.
Rural starts were estimated at a seasonally adjusted annual rate of 33,000 units in February.
Actual starts in both rural and urban areas were down an estimated 5.2 per cent in the first two months of 2007 compared to the same period in 2006, while actual starts in urban areas only were down an estimated 6.7 per cent. Actual single starts in urban areas were 20.3 per cent lower than they were a year earlier, while actual urban multiple starts were up 6.2 per cent. |
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