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Canada’s annual pace of housing starts declined 22 per cent in November compared with October.
That is according to new figures released by the Canada Mortgage and Housing Corporation (CMHC).
November’s seasonally adjusted annual rate of housing starts was 212,624 units, down from 272,264 units in October.
Urban housing starts accounted for 195,363 units, down 23 per cent from the month before.
Multi-unit urban starts fell 27 per cent to 151,297 units, while single-detached urban starts declined seven per cent to 44,066 units.
“The notable drop in the rate of housing starts in November, particularly in the multi-unit space, should not come as a major surprise and reflects tighter economic conditions impacting construction timelines,” Kevin Hughes, CMHC’s deputy chief economist, said in a news release.
“As the more difficult borrowing conditions and labour shortages now seem to be showing in the starts numbers, we can expect to see continued slower starts rates in the coming months.”
The annual rate of rural housing was estimated to be 17,261 units, according to CMHC.