The seasonally adjusted annual rate of housing starts was 227,900 units in November, essentially unchanged from 227,600 units in October, Canada Mortgage and Housing Corp. reported today.
“Housing starts remained strong in November and are consistent with our new home construction forecast for 2007,” said Bob Dugan, chief economist at CMHC’s Market Analysis Centre, in a news release. “The strength in November is attributable to the good performance of single-detached home starts, which reached their highest level since March 2006.”
The seasonally adjusted annual rate of urban starts increased 0.2% to 192,000 in November, compared to October. Urban singles were up 12.8% to 95,400 units in November, while multiple starts decreased 9.8% to 96,600 units.
In November, the seasonally adjusted annual rate of urban starts increased in two of Canada’s five regions. Urban starts registered an increase of 12.7% in Ontario and 16.9% in British Columbia. The Atlantic region, the Prairies and Quebec all recorded an easing of activity in November (-8.0%, -11.6%, and -20.6% respectively).
Urban single starts were up in all regions except the Prairies. Only the Atlantic region and British Columbia saw increases in urban multiple starts.
Rural starts were estimated at a seasonally adjusted annual rate of 35,900 units in November.
Actual starts, in rural and urban areas combined, were up an estimated 2.7% in the first 11 months of 2007 compared to the same period in 2006. In urban areas, actual total starts grew by an estimated 0.1% year-to-date. Actual urban single starts from January to November 2007 were down 4.2% compared to the same period in 2006, while multiple starts grew by approximately 4.2% over the same period.
Housing starts remain stable in November: CMHC
Single-detached home starts hit highest level since March 2006
- By: IE Staff
- December 10, 2007 December 10, 2007
- 08:45