Canada Mortgage and Housing Corp. (CMHC) said Jan. 9 that housing starts in the Ontario region were trending at 61,069 units in December, compared to 62,098 in November.
The trend is a six month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“The trend in Ontario residential construction activity eased in December, but remained higher than it was for most of the year. Low inventories of new and existing single-detached homes and stronger job growth supported detached construction. Multiple construction slowed due to higher apartment inventories and less investor demand,” CMHC’s Ontario regional economist Ted Tsiakopoulos said.
For 2013, Ontario urban starts, at 58,614, were down 21% from 2012. Multi-family home construction which includes semi detached, row and apartment dwellings declined by 27 per cent, while single detached starts also slowed, down 10 per cent from 2012, CMHC said.