Canadian Mortgage and Housing Corp. (CMHC) reports a 6% increase in housing starts.

Posted on March 9, 2011

 

March 8, 2011

Canadian Mortgage and Housing Corp. (CMHC) reports a 6% increase in housing starts.

The Canadian Mortgage and Housing Corp. (CMHA) reported a 6% increase in February from January housing starts.

On March 8, CMHC released a report saying housing starts in Canada for February 2011 were 11,259, or 181,900 on a collectively adjusted annual basis. This is a 6% improvement over the seasonally adjusted annual rate (SAAR) of 170,600 housing starts across Canada in January 2011.

CMHC sited the National increases to a swell of starts in Saskatchewan, Manitoba and Ontario, especially in multiple unit residential properties.

Single dwelling starts experienced a modest jump of 3% (from 64,200 in January 2011 to 66,100 in February 2011) this was nothing in comparison to the muti-unit residential starts which were up 14.5% or 12,000 units.

The most staggering progress was made in the Prairie Provinces of 6,200 units or a month over month increase of 26%

Housing starts dropped in Quebec (by 7.1 per cent), British Columbia (5.9 per cent) and the Atlantic region (24.7 per cent), when measured by the SAAR.

This report comes 3 weeks after Canadian Mortgage and Housing Corporation (CMHA) forecasted increases in housing starts for 2011 and 2012. Canada’s national housing agency predicted total starts nationwide this year could reach levels as high as 192,200, and they predicted housing starts in 2012 of up to 211,200. Canadian Mortgage and Housing Corp. (CMHC) predicted housing these starts would be “in line with long-term demographic fundamentals.”

This positive forecast makes 2011 look like another “banner” year for the Canadian Mortgage Broker industry.

 

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