Canadian housing starts activity declined in January

Canadian Mortgage and Housing Corporation
February 15, 2023
Category: Finance & Economics
Region: Canada

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 13% in January (215,365 units) compared to December (248,296 units) according to CMHC. The SAAR of total urban starts declined 16%, with 191,491 units recorded in January. Multi-unit urban starts declined 20% to 146,267 units, while single-detached urban starts increased 3% to 45,224 units. The rural starts SAAR estimate was 23,874 units. The trend in housing starts was 259,412 units in January, down 4% from 269,781 units in December. “Both the Monthly SAAR and the six-month trend of housing starts declined nationally in the first month of 2023, with SAAR of housing starts hitting its lowest level since September 2020″,  said Aled ab Iorwerth, CMHC’s Deputy Chief Economist.

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