Canada: Housing starts dive in November
December 8, 2011
According to the government-owned Canada Mortgage and Housing Corporation (CMHC), seasonally adjusted annualized housing starts increased to 181,100 units in November, which was down 13.3% from a revised 208,800 units in October (previously reported: 207,600 units). The reading came in well below market expectations, which had housing starts at 203,000 units in November. According to the CMHC, the monthly drop reflected a decline in the multiples segment. On a trend basis, housing starts dropped for the first time since May, with the 6-month moving average decreasing from 201,300 in October to 199,900 units in November. The CMHC estimates that housing starts will reach 191,000 units this year and fall to 186,750 units in 2012.