Canada: Housing starts plunge in December
January 11, 2011
The Canadian housing market returned to its downward trend in December, after rising for the first time in four months in November. According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts reached 171,500 units in December, down 13.5% from a revised upwards 198,200 units in November (previously reported: 187,200 units). The figure represented the biggest fall in housing starts after April 2009 and came in well below market expectations of 180,000 housing starts. The CMHC estimates housing starts will total 174,800 units in 2011.