(Ottawa) The Canada Mortgage and Housing Corporation (CMHC) says the monthly seasonally adjusted annualized number of housing starts fell 22% in November.
The federal agency says housing starts in November totaled 212,624 units, down from 272,264 in October.
The pace of housing starts fell 23% to 195,363 units, while the rate of urban multifamily starts fell 27% to 151,297. Single-family home starts, still in mid urban, fell 7% to 44,066 units.
Housing starts in Montreal declined by 30%, while those in Toronto and Vancouver both saw declines of 39%, driven by a significant decline in multi-family housing starts.
The annual pace of rural housing starts for November was estimated at 17,261.
The six-month moving average of the seasonally adjusted monthly annual rate of housing starts in November was 257,777, up 0.7% from October’s 255,876.
