CMHC says annual pace of housing starts slows in December to 179,965

OTTAWA -- Canada Mortgage and Housing Corp. says housing starts in December came in at a seasonally adjusted annual rate of 172,965 homes, down from 212,028 in November, mainly because of fewer multiple-unit projects.

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Economists had expected an annual pace of 200,000, according to Thomson Reuters.

The slowdown in the annual pace of new home starts came as the rate of urban starts fell 19.1 per cent in December to 159,007 units.

Multiple urban starts dropped 27.0 per cent to 101,264, while single-detached urban starts held steady at 57,743.

The pace of urban starts fell in the Prairies, Ontario, and Atlantic Canada, but increased in British Columbia and Quebec.

Rural starts were estimated at a seasonally adjusted annual rate of 13,958.

The six-month moving average of housing starts was 203,502 units in December compared with 208,204 in November.



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