Canada's CMHC cuts housing starts forecast for 2014

Thu Oct 31, 2013 10:32am EDT
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TORONTO Oct 31 (Reuters) - Canada's federal housing agency bumped up its forecast for housing starts in 2013 but trimmed expectations for 2014, setting an essentially flat outlook for a once-roaring market.

The Canada Mortgage and Housing Corp said housing starts would be in a range of 179,300 to 190,600 units in 2013, with a point forecast, or most likely outcome, of 185,000. That is up from an August estimate of 182,800.

The pace of starts in 2014 will be in a range of 163,700 to 205,700 units, with a point forecast of 184,700. That is down from CMHC's August estimate of 186,600 housing starts.

Both forecasts represent a sharp slowdown from the 2012 pace of housing starts at 214,827 units.