(OTTAWA) The annual pace of housing starts slowed by 5 per cent in December compared to November, the Canada Mortgage and Housing Corporation (CMHC) said on Tuesday.
The federal housing agency said the number of housing starts, seasonally adjusted and annualized, reached 248,625 in December, compared to 263,022 in November.
The total number of housing starts in urban centers fell 5% to 227,708 units in December, seasonally adjusted and annualized.
The pace of urban multi-unit housing starts fell 4% to 182,850, while that of single-detached homes fell 11% to 44,858.
Housing starts in rural areas were estimated at 20,917 units in December.
The six-month moving average for housing starts was 269,930 units in December, seasonally adjusted and annualized, down 1% from November’s 273,801 units .