Canada Mortgage and Housing Corporation (CMHC) said Thursday that it expects total housing starts to be lower in 2013 compared to 2012, mostly due to moderation observed in the first half of 2013. Housing starts are expected to stabilize in the second half of 2013 before increasing modestly in 2014 as employment, economic growth and net migration improve, according to CMHC's third quarter 2013 Housing Market Outlook, Canada Edition.
On an annual basis, housing starts are expected to range between 177,100 to 188,500 units in 2013, with a point forecast of 182,800 units, down from 214,827 units in 2012. In 2014, housing starts are expected to range from 165,600 to 207,600 units, with a point forecast of 186,600 units.