The red-hot Canadian real estate is in for a bit of a chill according to the new numbers on housing starts just released by the Canada Mortgage and Housing Corporation (CMHC).
“The trend in total housing starts has been moderating since September 2012 and in existing home sales since May 2012.” said Mathieu Laberge, Deputy Chief Economist at CMHC in the news release.
“The current trend is also in line with CMHC’s housing market outlook, which calls for moderation in housing starts activity in 2013.”
Some of the notable, big-picture figures:
- In January, the seasonally adjusted annualized rate of housing starts was 160,577 units, down roughly 19 per cent from 197,118 in December.
- The number of actual starts for January 2013 was 9,904, down 24 per cent from 13,038 in January 2012.
- In rural areas, the seasonally adjusted annualized rate of starts increased by nearly 16 per cent from 19,411 in December to 22,443 in January.
- In urban centers with a population of 10,000 and over, the seasonally adjusted annualized rate of housing starts decreased by 22 per cent in January to 138,134 units.