CMHC reports annual pace of housing starts in January down 10% from December
BNN Bloomberg
The annual pace of housing starts in January slowed by 10 per cent compared with December, as the rate of starts for new multi-unit projects such as apartments, condominiums and townhouses pulled back.
Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts came in at 223,589 units for the first month of the year compared with 248,968 for December 2023.
TD Bank economist Marc Ercolao said the beginning of 2024 saw housing starts pare back some of their recent strength after a strong rebound in December.
"The level of homebuilding is still elevated relative to historical norms, but today's print supports our view that near-term starts will remain subdued in spite of the recent strength in home sales," Ercolao wrote in a report.
