Canadian Housing Starts Decline 0.2% in November

The Canadian Mortgage and Housing Corporation (CMHC) reported on Thursday (12-15-22) that November’s standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 0.2% month-over-month to 264,159 units, compared to 264,581 units in October.

The SAAR of total urban starts in November was also flat, with 242,644 units recorded. Multi-unit urban starts rose 2% to 190,415 units, while the single-family detached urban starts decreased 7% to 52,229 units. Rural starts were estimated at a SAAR of 21,515 units

The trend in housing starts was 274,361 units in November, down 1.0% from 277,044 units in October, according to CMHC. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

Adding additional background and his analysis to the November housing report, CMHC’s Chief Economist Bob Dugan said:

“Both the monthly SAAR and the six-month trend were flat in November. Among Toronto, Montreal, and Vancouver, both Toronto and Vancouver posted increases in total SAAR housing starts in November, with Toronto up 20% and Vancouver up 8%. Montreal was the laggard, with a 62% decrease in multi-unit activity which brought the overall level of housing starts in Canada down to similar levels observed in October. Despite this, housing starts activity remains elevated in Canada in 2022.”