Canadian housing starts in November reported a six-month moving average of the monthly seasonally adjusted annual rate of 226,270 units, a 4.4 percent increase from October’s rate of 216,642 and the highest level seen in nearly 10 years, according to the Canada Mortgage and Housing Corporation.
“The trend in housing starts reached its highest level in almost 10 years this November, reflecting a second consecutive increase in multiple starts,” said Bob Dugan, CMHC’s chief economist, in a statement. “This largely reflects construction of multiple units in Toronto, where evidence of overbuilding is low due to the decreasing inventory of completed and unabsorbed multiple units and strong demand.”
The monthly figure was a seasonally adjusted annual rate of 252,184 units, a 13.2 percent increase from 222,695 in October. Multi-family starts increased 16.9 percent to 175,016.
