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Multi-Units Continue To Drive Housing Start Volatility

CANADA DATA
  • Housing starts bounced strongly in December as expected, rising 18% to 249k (cons 250k) after a particularly sharp -23% in November.
  • It leaves annualized starts 23k below October levels prior to that slide.
  • The recent volatility has been driven by multi-unit starts, swinging +26.3% after -27.5% M/M.
  • Single unit starts meanwhile showed no sign of a bounce, falling -1.8% M/M after -7.1% in Nov.

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