February 29th, 2024

CMHC says annual pace of housing starts in Canada down 22% in November

By The Canadian Press on December 15, 2023.

Canada Mortgage and Housing Corp. says the annual pace of housing starts fell 22 per cent in November. In this photo taken using a drone, homes under construction are seen in a new suburb, Friday, Oct. 15, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld

OTTAWA – Canada Mortgage and Housing Corp. says the annual pace of housing starts fell 22 per cent in November.

The agency says the monthly seasonally adjusted annual rate of housing starts in November came in at 212,624 units, down from 272,264 in October.

The drop came as the annual pace of urban starts fell 23 per cent to 195,363 units, with the rate of multi-unit urban starts down 27 per cent at 151,297. Single-detached urban starts fell seven per cent to 44,066 units.

The rate of starts in Montreal was down 30 per cent, while Toronto and Vancouver both saw a drop of 39 per cent, driven by significantly lower multi-unit starts.

The annual pace of rural starts for November was an estimated 17,261.

The six-month moving average of the monthly seasonally adjusted annual rate of housing starts in November was 257,777, up 0.7 per cent from 255,876 in October.

This report by The Canadian Press was first published Dec. 15, 2023.

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