Housing Trends Decline In December, Increase Year-Over-Year

The trend in national housing starts declined from 208,204 units in November to 203,502 units in December according to the Canada Mortgage and Housing Corporation.

“A decrease in both the multiple and single starts segments drove the December trend lower,” said the chief economist for the Canada Mortgage and Housing Corporation, Bob Dugan. “Starts increased in 2015 compared to 2014, largely driven by the condominium market in Toronto. Had the Toronto condominium starts remained stable in 2015, national starts would have declined on a year-over-year basis.”

Year-over-year, actual housing starts were up to 195,536 compared to last year’s 189,329.

The seasonally adjusted annual rate of urban starts increased in BC and Quebec during December, but it decreased in Ontario and other areas across the country.

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