CMHC says annual rate of housing starts slowed 13 per cent in January

OTTAWA – Canada Mortgage and Housing Corp. says the annual pace of housing starts fell 13 per cent in January.

The national housing agency says the seasonally adjusted annual rate of housing starts for the first month of the year was 215,365 units compared with 248,296 in December.

The result came as the annual rate of urban starts fell 16 per cent to 191,491 in January.

The annual rate of multi-unit urban starts dropped 20 per cent to 146,267 for the month, while the pace of starts for single-detached urban homes rose three per cent to 45,224 units.

The annual pace of rural starts was estimated at 23,874.

The six-month moving average of the monthly seasonally adjusted annual rate was 259,412 in January, down four per cent from 269,781 in December.

This report by The Canadian Press was first published Feb. 15, 2023.