According to CMHC, housing starts for November came in higher than expected at 187,200- driven in part by multiple-unit construction in Ontario.
This number is up significantly from a seasonally adjusted annual rate of 167,800 units in October month, and beat November forecasts of 170,000 units.
According to CMHC, urban starts rose 14.6% to 163,100 units in November. Multiple units were up 20.9% to 101,800 units, while single urban starts increased 5.5% to 61,300 units.
"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.”
Contributing to this significant increase, were starts reported for many major apartment projects, based in and around the Toronto area. Forecasts for 2011, housing starts will gradually mirror demographic demand, which is currently estimated at about 175,000 units per year.
November urban multiple starts increased by 20.9 % in November to 101,800 units, while single urban starts moved up by 5.5 % to 61,300 units. Multiple units starts increased by 29,900 units from October to November in Ontario, while Prairie region activity remained stable, and decreased in other regions.
November's seasonally adjusted annual rate of urban starts saw a rise of 82.8 % in Ontario. Regionally, in other centres, urban starts declined by 24 % in Atlantic Canada, by 21.3 % in British Columbia, by 15.2 % in Québec and by 1.5 % in the Prairie Region.
Estimation for Rural starts were thought to be 24,100 units in November, taking into account a seasonally adjusted annual rate, from 25,500 a month earlier.
Doug Jones, Property Wire
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