Housing Starts Up

The trend in housing starts was 267,365 units in November, up from 264,583 units in October, says Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts was higher from October to November, with total starts rebounding from their declines in prior months, says Bob Dugan, chief economist at CMHC. “For seasonally adjusted annual rate (SAAR) housing starts in Canada's urban areas, there was a slight decrease in single-detached starts, while multi-family starts experienced a large increase in November, resulting in higher overall starts for the month,” says Dugan. The standalone monthly SAAR of housing starts for all areas in Canada was 301,279 units in November, an increase of 26 per cent from 238,366 units in October. The SAAR of urban starts increased by 29 per cent in November to 279,396 units and multiple urban starts increased by 41 per cent to 221,153 units in November, while single-detached urban starts decreased by one per cent to 58,243 units.