Housing starts in Canada fell 4.8 percent in December to a seasonally adjusted annual rate of 213,419, according to the Canadian Mortgage and Housing Corporation (CMHC).
Starts of multiple unit urban homes in Canada led the decline, falling 6.8 percent from November; single-detached urban starts fell 2.5 percent.
It was the fifth monthly decline in the past six months, according to CMHC Chief Economist Bob Dugan.
“Reflecting these recent declines, total annual housing starts in 2018 were lower than in 2017, as lower single-detached starts more than offset a slight increase in multi-family starts this year,” Dugan said in a statement. “Nonetheless, total housing starts remain elevated when compared to historical averages.”
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