Balconies by Gary Wood
The seasonally adjusted annual rate (SAAR) of new construction starts in Canada was 171,500 units in December, falling from 198,200 units in November, according to the Canada Mortgage and Housing Corporation (CMHC). The index fell 13.5% in December from November.
Getting over the hurdle
Single-detached housing activity did not cause this fall, while the slowdown of the multiple starts segment had a large impact on the numbers. Construction starts in urban areas decreased by 13.3%, to 149,100 units in December. During this month, the seasonally adjusted rate of multiple starts dropped by 20.1%, while single urban starts dropped only by 2.6%.
Region-wise, Ontario reported a dip of 45.4% in December’s SAAR of urban starts, and Atlantic Canada dropped by 9.8%. On the other hand, urban starts grew by 46.8% in British Columbia, by 13.5 per cent in Québec, and by 0.7 per cent in the Prairie Region. Rural areas as a whole decreased by 14.5%, from 26,200 SAAR housing starts in November to 22,400 in December.
All December 2010 statistics are preliminary, and verified numbers will be reported in January’s Monthly Housing Statistics.
