The annual pace of housing starts in December fell compared with November, according to Canada Mortgage and Housing Corp.

The monthly seasonally adjusted annual rate of housing starts for all areas in Canada, excluding Kelowna, B.C., fell 12.2 per cent in December from November, CMHC said on Monday.

The December survey was not conducted in Kelowna due to the COVID-19 pandemic, but CMHC said Kelowna91裸聊视频檚 exclusion didn91裸聊视频檛 impact the overall trends for the month.

The annual pace of urban starts fell 12.8 per cent in December as urban starts of apartments, condos and other types of multiple-unit housing projects dropped 15.1 per cent. Single-detached urban starts fell 5.5 per cent.

Rural starts were estimated at a seasonally adjusted annual rate of 22,373 units.

91裸聊视频淒ecember91裸聊视频檚 decline is unsurprising as some pullback from November91裸聊视频檚 massive level was to be expected,91裸聊视频� wrote Rishi Sondhi, economist at TD Economics, in a note to clients on Monday.

91裸聊视频淪till, homebuilding ended last year on solid footing, buoyed by gains in past home sales and population growth, a declining inventory of unsold new homes, as well as low interest rates.91裸聊视频�

Despite the drop in December, CMHC says the six-month moving average of the monthly seasonally adjusted annual rates of housing starts climbed to 239,052 units for the final month of 2020, up from 236,334 in November.

Bob Dugan, CMHC91裸聊视频檚 chief economist, said that the pace of housing starts in 2020 surpassed 2019 in total, despite 91裸聊视频減andemic-induced91裸聊视频� declines early last year.

91裸聊视频淩egionally, the December drop was concentrated in Ontario and Quebec, though both provinces saw the best year since 2004,91裸聊视频� wrote Priscilla Thiagamoorthy, economist at BMO Capital Markets Economic Research, in a note to clients.

91裸聊视频淭hat91裸聊视频檚 quite remarkable, especially for Quebec, given the fact that restrictions in the province forced the sector to grind to a halt in April.91裸聊视频�

Sondhi of TD Economics wrote that despite a new wave of COVID-19 restrictions in Ontario and Quebec, homebuilders should be 91裸聊视频渞elatively unscathed.91裸聊视频�

91裸聊视频淔ocus now shifts to January, where, in the battle against the pandemic, Ontario91裸聊视频檚 government recently shuttered 91裸聊视频榥on-essential91裸聊视频� construction activities,91裸聊视频� Sondhi91裸聊视频檚 note to clients said.

91裸聊视频淣otably, condo projects are allowed to continue, as can other residential projects for which a permit has been granted.91裸聊视频�

The Canadian Press

Like us on and follow us on .

Want to support local journalism? Make a donation