OTTAWA, ON - Housing starts in Canada were trending at 194,014 units in November compared to 195,274 in October, a 0.6% decline, according to Canada Mortgage and Housing Corporation (CMHC).
The seasonally adjusted annual rate of urban starts, which account for about 90% of new housing stock in Canada, increased in British Columbia and the Prairies, held steady in Quebec, and decreased in Atlantic Canada and Ontario. Rural starts were estimated at a seasonally adjusted annual rate of 20,888 units.
“The trend in housing starts has increased slightly since July, before stabilizing in November. Overall, housing starts have been following a trend similar to sales on the existing home market," said Mathieu Laberge, deputy dhief economist at CMHC. "As sales rise relative to listings of existing homes, buyers are increasingly meeting their needs in the new home market.”
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