Canadian December housing starts data from the CMHC
- Prior was 184.0K, revised to 187.3K
- Rural +0.1% m/m
- Urban +11.8% m/m
- Detached homes +8.1% m/m
- Multiples +13.9% m/m
At the bottom of the hour, Canadian building permits data from Statistics Canada is due up and expected to show a 6.0% decline in November. Given the strong number here, there is some upside risk.
"December saw multi-unit construction slow for the third consecutive month in Canada, leading housing starts to trend down," said Bob Dugan, CMHC Chief Economist in a press release. "However, 2016 still counted more home starts than 2015. Increased demand for single-detached homes more than offset the decline we're seeing in multi-unit construction - a decline that's in response to efforts to manage current inventories."
