Housing starts flat in November
By Daniel Reale-ChinConstruction Residential
A steep decrease in Montreal wiped out gains reported in Toronto and Vancouver, although housing starts activity remains elevated.
Canada’s housing starts experienced a meager 0.2-per-cent decline in November, despite growth in two of the nation’s largest cities. According to the latest report from Canada Mortgage and Housing Corporation (CMHC), the seasonally adjusted annual rate (SAAR) was 264,159 units in November, down slightly from 264,581 units in October. The SAAR accounts for any predictable changes that could impact rates on yearly basis.
Total urban starts were also flat in the CMHC numbers, coming in at 242,644 units in November. Multi-unit urban starts inched up two per cent to 190,415 units and single-detached urban starts fell seven per cent to 52,229 units. CHMC estimated a SAAR of 21,515 for rural starts. Compared to the six-month average, the trend in housing starts was 274,361 units in November, down one per cent from 277,044 in October.
Looking at Canada’s largest cities, Toronto saw a 20 per cent increase in total housing starts in November, while Vancouver saw rise of eight per cent. Montreal lagged with a 62 per cent decrease in multi-unit activity, which brought the overall level of housing starts in Canada down.
“Despite this, housing starts activity remains elevated in Canada in 2022,” said Bob Dugan, chief economist at CMHC.