Canadian housing starts are down from October, according to Canada Mortgage and Housing Corporation, with most of the decline coming in Ontario, followed by the Prairies.
The seasonally adjusted annual rate of housing starts in November is 181,100 units, down from 208,800 units in October 2011.
Housing starts reaching normal levels
“Housing starts declined in November, reaching a level which is more consistent with the rate of household formation. The decrease in housing starts was due to a moderation in the multiples segment,” says Canada Mortgage Market Analysis Centre Deputy Chief Economist Mathieu Laberge.
The decrease in housing starts was due to a moderation in the multiples segment.
The seasonally adjusted annual rate of urban starts decreased by 14.4 per cent to 158,900 units in November. Urban single starts increased by 3.5 per cent in November to 63,600 units, while multiple urban starts were down by 23.3 per cent to 95,300 units.
November’s seasonally adjusted annual rate of urban starts decreased by 30.6 per cent in Ontario, 13.4 per cent in the Prairies and 3.6 per cent in British Columbia. Urban starts increased 8.3 per cent in Atlantic Canada and 3.2 per cent in Quebec.
Rural starts were estimated at a seasonally adjusted annual rate of 22,200 units in November.
The seasonally adjusted annual rate of housing starts was 207,600 units in October, down from 208,800 units in September, according to the Canada Mortgage and Housing Corporation.
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