Home » BLOG » Housing starts slow in January as energy slump weighs

Housing starts slow in January as energy slump weighs

The overall decline in housing starts was mostly attributable to a slowdown in the Prairie provinces, with the six-month moving average in the region at a four-year low, CMHC says.

OTTAWA – Canadian housing starts slowed in January as groundbreaking on new homes fell towards the lowest level in four years in provinces which have been hurt through the downturn within the energy sector, a report from the national housing agency showed on Friday.

The seasonally adjusted annualized rate of housing starts fell to 165,861 units last month from the downwardly revised 172,533 units in December, the Canadian Mortgage and Housing Corp (CMHC) said. The report had originally been scheduled for release on Feb. 8.

Bob Dugan, CMHC’s chief economist, said the general decline was mostly due to a slowdown in the Prairie provinces, with the six-month moving average in the area at a four-year low.

Separate data on Friday demonstrated that in Alberta, in which the country’s vast oilsands can be found, January’s unemployment rate rose to the highest level since February 1996.

Related

About privatefinancetips

x

Check Also

U.S. job growth slows and profits tumble as a strong dollar and cheap oil undercut earnings

WASHINGTON – U.S. economic growth slowed within the fourth quarter, although not as sharply as ...

The REIT sector’s next challenge: CEO succession and board renewal

Getting there C with new chief executives and groups of new directors for that firms ...

Commodities could be headed for ‘buffalo jump’ as investors rush for the exits, Barclays warns

Commodities including oil and copper are in chance of steep declines as recent advances aren’t ...