Canadian housing starts slipped a greater-than-expected 13.5% in December from November, mainly because of a decrease in new construction of multi-dwelling homes, Canada Mortgage and Housing Corp. said on Tuesday.
Starts fell to a seasonally adjusted rate of 171,500 units in December from an upwardly revised 198,200 units in November, CMHC data showed. November starts were previously reported at 187,200 units.
The number of starts in December was below expectations of analysts who had called for 180,000 starts, according to a Reuters survey.
Starts of urban area multiples, such as condos, tumbled 20.1% in December to 84,500 units. New construction of closely watched urban single-family homes also fell, down 2.6% to 64,600.
Rural starts in December were estimated at an annual rate of 22,400 units.
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