The Canada Mortgage and Housing Corporation (CMHC) announced Wednesday that housing starts in Canada rose at a seasonally adjusted annual pace of 187,200 in November, up over 10 percent from 167,800 starts in October.
"Housing starts moved higher in November primarily due to a strong increase in urban multiple starts in Ontario," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "The increase in housing starts in Ontario in November was more than enough to offset declines in all other regions of the country."
This exceptional increase in the level of multiple starts recorded in Ontario in November relative to October is attributable to the start of a number of major apartment projects located mainly in the Toronto area. Looking ahead into 2011, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
The seasonally adjusted annual rate of urban starts increased by 14.6 percent to 163,100 units in November. Urban multiple starts went up by 20.9 percent in November to 101,800 units, while single urban starts moved up by 5.5 percent to 61,300 units.
November's seasonally adjusted annual rate of urban starts increased by 82.8 percent in Ontario. Elsewhere, urban starts decreased by 24 percent in Atlantic Canada, by 21.3 percent in British Columbia, by 15.2 percent in Québec, and by 1.5 percent in the Prairie Region.