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Housing Starts Slip in November

OTTAWA, Ontario, December 10, 2001 — The seasonally adjusted annual rate* of housing starts in Canada decreased 2.6 per cent in November to 168,900 units from 173,400 units in October, according to Canada Mortgage and Housing Corporation (CMHC).

Urban singles slipped 0.7 per cent to an annual rate of 84,100 units from 84,700 in October while urban multiple starts declined 5.8 per cent to an annual rate of 63,300 units from 67,200. Estimated rural starts remained unchanged at a seasonally adjusted annual rate of 21,500 units.

"Urban single starts posted another strong performance in November, signalling strong housing demand," said Philippe Le Goff, senior economist at CMHC's Market Analysis Centre.

"Despite the drop in urban multiples in November, demand has not softened given the low inventories across the country,"

"Actual urban housing starts since January, at 130,288, are still 7.3 per cent higher than the 121,461 units started during the same period in 2000. While the single detached market increased 4.0 per cent, the main source of strength this year remains the multiples market, up 11 per cent."

* Most starts figures in this release are seasonally adjusted annual rates (SAAR), that is, actual monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect an annual pace.

Information:

Philippe Le Goff
CMHC
(613) 748-2933
plegoff@cmhc-schl.gc.ca

Canadian Housing Starts November 2001

Canadian Housing Starts Chart November 2001

News source: Canada Mortgage and Housing Corporation (CMHC)

 

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