CMHC says annual pace of housing starts fell in December, down 22 per cent from November
Canada Mortgage and Housing Corp. says the annual pace of housing starts in December fell 22 per cent when compared with November.
The national housing agency says the seasonally adjusted annual rate of housing starts was 236,106 units for the final month of the year, down from 303,813 in November.
The drop came as the annual rate of urban starts fell 24 per cent in December to 212,918.
The annual rate of urban starts of apartments, condos and other types of multiple-unit housing projects dropped 29 per cent to 157,687, while the pace of urban starts of single-detached homes fell four per cent 55,231.
CMHC estimated rural starts at a seasonally adjusted annual rate of 23,188 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 260,567 in December, down from 267,606 in November.
This report by The Canadian Press was first published Jan. 18, 2022