Vancouver saw a significant decline in the trend of multi-unit starts for a second consecutive month
Steve Randall
Canadian Real Estate Wealth
The key measure of Canadian home construction showed little change last month.
CMHC reported that the 6-month housing starts trend was 219,047 units in November compared to 218,253 in October while the standalone monthly SAAR of housing starts for all areas in Canada was 201,318 units in November, a slight increase of 0.3% from 200,674 units in October.
“The national trend in housing starts was essentially unchanged in November, reflecting slight increases in the national trends of both multi-family and single-detached starts” said Bob Dugan, CMHC’s chief economist. “Vancouver saw a significant decline in the trend of multi-unit starts for a second consecutive month in November, following a period of elevated construction activity earlier in the year. However, this decline was offset by modest gains in the multi-unit trend in most other major markets, including Toronto.”
The monthly figure for urban starts (SAAR) was up 0.4% in November to 188,559 units. Multiple urban starts increased by 2.3% to 141,753 units in November while single-detached urban starts decreased by 5.1% to 46,806 units.
Rural starts were estimated at a seasonally adjusted annual rate of 12,759 units.
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