From the CMHC website today, January Housing Starts Decline. While the seasonally adjusted urban rate declined 15.6%, it is BC at 29.1% and The Prairies at 30.3% that are driving the national stats down:
The seasonally adjusted annual rate1 of housing starts declined to 153,500 units in January from 172,200 units in December of 2008, according to Canada Mortgage and Housing Corporation (CMHC).
“To a certain extent, the decline in housing starts coincides with recent developments in the existing home market. Reduced sales and increased listings in the existing home market have led to reduced spillover demand in the new home market,” said Bob Dugan, Chief Economist.
The seasonally adjusted annual rate of urban starts decreased 15.6 per cent to 126,700 units in January. Urban multiple starts decreased 12.2 per cent to 76,700 units, while urban single starts fell 20.2 per cent to 50,000 units in January.
January’s seasonally adjusted annual rate of urban starts moderated in all of Canada’s five regions. Urban starts declined 8.6 per cent in Atlantic Canada, 1.4 per cent in Quebec, 14.6 per cent in Ontario, 30.3 per cent in the Prairies, and 29.1 per cent in British Columbia.