Canadian Housing Starts Down in January

The monthly standalone seasonally adjusted annual rate (SAAR) of Canadian housing starts in January was 215,365 units, 13.3% lower than December 2022. The SAAR of urban starts decreased 15.9% from December to 191,491. Multiple urban starts fell 20% to 146,267, while single-family levels rose 3% from December to 45,224. The trend in housing starts in January dipped 3.8% to 259,412.

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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