Canada's federal housing agency has bumped up its forecast for housing starts in 2013 but trimmed its forecast 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.
The projection was up from its August estimate of 182,800.
The agency said there would be 163,700 to 205,700 units started in 2014, with a point forecast of 184,700 - down from CMHC's August estimate of 186,600.
Both forecasts represent a sharp slowdown from the 214,827 starts of 2012.
Canada sidestepped the worst of the financial crisis of the last decade because it avoided the real estate excesses of its US neighbour, and a post-recession housing boom helped it recover more quickly than its Group of Seven peers.
