The construction of new homes took a bit of a nosedive last month, according to figures released this morning by Canada Mortgage and Housing Corporation.
CMHC's seasonally-adjusted annual rate of housing starts was 181,100 units in November, down from 208,800 units in October 2011.
"Housing starts declined in November, reaching a level which is more consistent with the rate of household formation. The decrease in housing starts was due to a moderation in the multiples segment," said Mathieu Laberge, Deputy Chief Economist at CMHC's Market Analysis Centre.
The seasonally-adjusted annual rate of urban starts decreased by 14.4% to 158,900 units in November. Urban single starts increased by 3.5% in November to 63,600 units, while multiple urban starts were down by 23.3% to 95,300 units.
November's seasonally adjusted annual rate of urban starts decreased by 30.6% in Ontario, 13.4% in the Prairies and 3.6% in British Columbia. Urban starts increased 8.3% in Atlantic Canada and 3.2% in Quebec.
Rural starts were estimated at a seasonally adjusted annual rate of 22,200 units in November.
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