CMHC reports further slowing of housing starts with no turnaround in sight [Advisor.ca (Canada)]
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Source: Advisor.ca
The national housing agency said the seasonally-adjusted annual pace of housing starts declined 15% in January. Housing starts can vary considerably month-to-month as big projects get started, but the agency's six-month moving average for annual starts also showed a 3.5% decline. “The six-month trend has decreased for the fourth consecutive month,” said CMHC deputy chief economist Tania Bourassa-Ochoa in a news release. “We expect new construction to continue trending lower going forward as trade and geopolitical uncertainty, high construction costs, weaker demand and rising inventories continue to constrain developer activity.” She said a near-term turnaround is looking unlikely, and reflects what the agency has been hearing from developers over recent months. The pullback comes amid a variety of pressures, including lower immigration numbers and economic uncertainty over changing U.S. trade policy. January's seasonally adjusted annual rate worked out to 238,049 units, c
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