Canadian housing starts rose less than expected in November.
The Canada Mortgage and Housing Corporation said that the seasonally adjusted annual rate of housing starts rose by 192,200 units in November, below expectations for a gain of 195,000.
Canadian housing starts rose by 198,200 in October, whose figure was revised down from a previously reported 198,300 units.
After hitting that October peak, new home construction moderated in November to cool the recent brisk pace of new home construction with the six-month trend rate of starts declining for the first time since June.
"While persistently elevated residential building permits provides some scope for a pick-up in home building activity to re-emerge in the near-term," according to experts at RBC Economics, "overall housing starts have averaged 187,600 annualized units year-to-date, a 13.4% moderation over the same period last year.
"As we move into 2014," the bank concludes, "we continue to expect that activity in the new build sector will transition to a more moderate and sustainable path reflecting the restraining effect of housing affordability pressures."
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