The
data, released by the Canada Mortgage and Housing Corp. (CMHC) on Wednesday, revealed
that the seasonally adjusted annual rate of housing starts came in at 301,279 units
in November, up 26.4 percent from an upwardly revised 238,366 units (from 236,554
units) in October. This represented the highest number since March.
Economists
had forecast an annual pace of 234,300 for November.
According
to the report, urban starts surged 29.2 percent m-o-m last month to 279,396 units,
reflecting a 40.5 percent m-o-m climb in multiple urban starts to 221,153 units,
which was partially offset by a 1.2 percent m-o-m decrease in single-detached urban
starts to 58,243.
At
the same time, rural starts were calculated at a seasonally adjusted annual
rate of 21,883 units, down 0.9 percent m-o-m.