Annual pace of housing starts in Canada drops 22% in November: CMHC

The annual pace of housing starts across Canada dropped 22 per cent in November, according to the latest statistics from the Canada Mortgage and Housing Corp.

The agency says the monthly adjusted rate in November of 212,264 was down from October’s 272,264.

This fall comes as the annual pace of urban starts sank 23 per cent, while the rate of multi-urban starts fell to 27 per cent. The starts on single-detached urban units also joined in the fall by seven per cent.

The country’s largest cities have reported drops as well, with Montreal down 30 per cent and both Toronto and Vancouver falling 39 per cent.

The six-month moving average of the monthly seasonally adjusted annual rate of housing starts in November, however, rose 0.7 per cent from the previous month.

A housing start is defined by the Canadian Mortgage and Housing Council as either the stage of building where concrete has been poured for the footing of the structure or an equivalent stage where a basement will not be part of the building.

This report was created with files from The Canadian Press 

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