Small Increase In December Housing Starts

The trend in housing starts was 239,052 units in December 2020, up from 236,334 units in November 2020, says the Canada Mortgage and Housing Corporation (CMHC). Bob Dugan, CMHC's chief economist, says, "Following pandemic-induced declines in early-2020, the trend in total housing starts has registered steady gains since May 2020. Despite the on-going pandemic, these gains leave the year-end 2020 SAAR of total starts above the 2019 annual total."  The standalone monthly SAAR of housing starts for all areas in Canada excluding the Kelowna, BC, central metropolitan area decreased by 12.2 per cent in December from November. The SAAR of urban starts decreased by 12.8 per cent in December. Multiple urban starts decreased by 15.1 per cent while single-detached urban starts decreased by 5.5 per cent. Rural starts were estimated at a seasonally adjusted annual rate of 22,373 units.