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January 17, 2013

Housing starts took a tumble in December

The Canada Mortgage and Housing Corporation (CMHC) released its housing starts figures for December, reporting 212,282 trending units on a six-month average of the monthly seasonally adjusted rate (SAAR).

The monthly SAAR in December was 197,976, a slight dip from 201,376 units in November.

“As expected, housing starts remained below their recent trend in Canada,” says Mathieu Laberge, Deputy Chief Economist at CMHC. “The decrease recorded in December was due to a decline in rural starts, while urban starts remained starts.”

Laberge says the trends pointed south for all the provinces except for Ontario.

Ontario’s housing starts in urban centres was trending at 75,430 in December 2012 which is up from 56,526 units in December 2011.

Urban starts in Quebec (-11.8 per cent) and British Columbia (-8.6 per cent) were down in 2012.

The verified numbers for housing starts in 2012 will be released at the end of the month in the January edition of Monthly Housing Statistics.

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