Canada's Home Starts Low For October
Home starts in Canada fell to levels not seen since February 2011, at 181,100 units in November. This pace is also much lower from 208,800 units in October, but economists said the equilibrium for housing starts is around 180,000 units, which means anything over 200,000 is too high for the economy to handle.
In Canada’s 33 largest cities by population, single-family starts account for 35% of the total so far this year while multi-family account for the remaining 65%. Single-family starts are down 10% so far this year versus the same period in 2010. However, multi-family units have skyrocketed 17% so far.
The new housing price index for the country was up 2.5% year over year as of October while the monthly change was +0.2%.
Source: Canada Mortgage and Housing Corporation