Canadian Housing Starts Decline in November

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in November was 212,624 units, 21.9% lower than October. The SAAR of urban starts dropped 23.4% from the previous month to 195,363. Multiple urban starts fell 27.2% to 151,297, and single-family levels decreased 6.9% from October to 44,066. The trend in housing starts improved 0.7% to 257,777 in November.

The Canada Mortgage and Housing Corporation (CMHC) uses the six-month trend measure “as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of Canada’s housing market.”  See CMHC

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