November Housing Starts down 3.6% from October
Housing starts in Canada were trending at 214,680 units in November, according to CMHC. The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR was 196,125 units in November, down from 203,487 in October. “As expected, housing starts remained below their recent trend and continued to fall for a third straight month. This decrease was mainly attributable to declines in single-detached and multi-unit housing construction in Ontario and British Columbia, resulting in part from a decline in the pace of pre-sales relative to that in late 2010 and early 2011,” said Mathieu Laberge, Deputy Chief Economist at CMHC.