Builders broke ground on more homes in November as construction on multi-family housing picked up in Vancouver and Montreal.
Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts rose 14.4 per cent to 246,033 in November, up from 215,134 in October.
CMHC says November’s housing starts rate rose 15 per cent to 233,106 in cities, while rural starts were estimated at a seasonally adjusted annual rate of 12,927 units.
The report says the pace of housing starts was up 22.5 per cent to 177,661 for urban multi-family homes such as apartment buildings, but the rate of starts for single -family homes fell 3.8 per cent to 55,445 in cities.
CMHC chief economist Bob Dugan says November’s upswing in multi-family home building came on the heels of two consecutive monthly declines, after October’s data showed a slew of single-family homes were under construction.
CMHC says the six-month average trend of housing starts now sits at 231,491 per month.
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