, Canada’s new construction segment experienced a tepid December, with overall housing starts sinking more than 5% month over month.released today, the Canada Mortgage and Housing Corporation put the seasonally adjusted annual rate of housing starts at 248,625 units in December, down from 263,022 units in November.
The six-month moving trend in housing starts — a measure used in tandem with SAAR data to account for considerable swings in monthly estimates, particularly with respect to the multi-unit segment, for which analyzing only SAAR data can be misleading — sat at 269,930 units in December, declining more than 1% from 273,801 units in November.
In addition, housing starts in the Toronto Census Metropolitan Area — 45,109 units in 2022 — were up 7.6% from the year prior, reaching the highest level since 2012. CMHC attributes the gains “entirely” to the multi-unit segment. There were 38,780 multi-unit starts in 2022 — the largest number on record — with the majority being apartments andMeanwhile, housing starts in Vancouver totalled 25,983 units in 2022, remaining more or less unchanged from 2021.
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