Housing Starts Reach Their Second Highest Level In Nearly Two Decades

After two strong months in October and November, the volatile multiples segment and single-detached starts fell in December mainly due to harsh winter weather. Also, the seasonally adjusted annual rate of urban starts decreased 23.2 per cent to 151,600 units in December, compared to November. Urban singles were down 12.6 per cent to 85,600 units in December, while multiple starts decreased 33.7 per cent to 66,000 units. In December, the seasonally adjusted annual rate of urban starts increased in two of Canada’s five regions. Urban starts registered an increase of 3.4 per cent in Quebec and 1.2 per cent in the Atlantic region. British Columbia, Ontario and the Prairies all recorded a decline in activity for December (-36.7 per cent, -33.1 per cent, and -17.1 per cent respectively). Urban single starts were down in all regions except the Atlantic and British Columbia, while only Quebec saw an increase in urban multiple starts. Rural starts were estimated at a seasonally adjusted annual rate of 35,900 units in December. http://www.cmhc.ca/en/corp/nero/nere/2008/2008-01-09-0815.cfm

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