Canadian Housing Starts Up in November

According to Canada Mortgage and Housing Corporation (CMHC) the trend, which measures a six-month moving average of the monthly seasonally adjusted annual rates (SAAR), in housing starts was 231,491 units in November 2020, up from 222,989 units in October 2020. In prepared remarks for the report, CMHC’s chief economist Bob Dugan said, “The national trend in housing starts in November increased. Multi-family SAAR starts partly rebounded in November from two consecutive declines, offsetting a decline in single-detached SAAR starts and driving the overall trend higher. Multi-family starts were particularly strong in Vancouver and Montréal in November.” The standalone monthly SAAR of housing starts for all areas in Canada was 246,033 units in November, an increase of 14.4% from 215,134 units in October.