Canadian Housing Starts Fall in September

The Canadian Housing numbers in August were revised upwards making the fall more steep, when in fact if no revision had taken place the housing starts would have only fallen by 1k.

Canadian housing starts fell to a seasonally adjusted 150,100 units in September from 157,300 in August, primarily because of a falloff in the condominium sector, Canada Mortgage and Housing Corp. said Thursday.

The drop in home-building activity ends four consecutive monthly gains.

“However, starts of single homes, which are a barometer of the trend in housing markets, climbed in September to reach their highest level so far this year,” CMHC economist Bob Dugan said in releasing the numbers.

Globe and Mail

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza