Canada’s housing starts declined 5% in December from November, according to Canada Mortgage and Housing Corp. (CMHC).
The federal housing agency based in Ottawa said that the seasonally adjusted annual rate of housing starts in December totaled 248,625 units compared with 263,022 in November.
The decrease came as the annual pace of urban starts fell 5% to 227,708. The rate of multi-unit urban starts declined 4% to 182,850 in December, while the pace of single-detached urban starts dropped 11% to 44,858.
Rural starts were estimated at a seasonally adjusted annual rate of 20,917 units in December.
The six-month moving average of seasonally adjusted housing starts was 269,930 in December, down 1% from 273,801 in November 2022.
