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December Housing Starts Surge Ahead

January 11, 2009


OTTAWA – Housing starts were up again in December, further bolstering the view that Canada’s economy is emerging from the recession of 2008-09. According to the Canada Mortgage and Housing Corporation, the seasonally adjusted annual rate of housing starts reached 174,500 units in December. That figure is up 5.8 per cent from November. The CMHC also reported that actual housing starts for 2009 are being verified and will be reported in the January edition of Monthly Housing Statistics. They are expected to be lower due to low monthly rates earlier in the year.
The origin of the growth in starts for December was particularly encouraging.
“The improvement in housing starts was broad based in December,” said Bob Dugan, chief economist at the CMHC’s Market Analysis Centre. “Solid increases occurred in both single and multiple starts to end the year.”
The seasonally adjusted annual rate of urban starts increased by 6.6 per cent to 157,100 units in December. Urban multiple starts rose from 72,800 units in November to 77,700 units in December. Single urban starts were up 6.4 per cent to 79,400 units in December.
Regionally, Quebec was the big winner. December’s seasonally adjusted annual rate of urban starts increased by 17.8 per cent in Quebec, by 15 per cent in Atlantic Canada, by 8.7 per cent in British Columbia and by 2.9 per cent in Ontario. The rate of urban starts decreased by 3.8 per cent in the Prairies.
Rural starts remained steady at a seasonally adjusted annual rate of 17,400 units in December.

Chart source: CMHC


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