OTTAWA, ON -- Housing starts climbed to a seasonally adjusted annual rate of 187,200 units in November, according to Canada Mortgage and Housing Corporation (CMHC). This is up 8.6% from 167,800 units in October.
“Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre. “The increase in housing starts in Ontario in November was more than enough to offset declines in all other regions of the country.”
The increase of 29,900 units of multi-residential recorded in Ontario in November relative to October is attributable to the start of a number of major apartment projects located mainly in the Toronto area. Looking ahead into 2011, CMCH said housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
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