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Nov SAAR Housing Starts Significantly Fall

CANADA DATA
  • Seasonally adjusted starts -22% to 212.6K units after +1% in Oct.
  • 6M moving average +0.7% to 257.8K units from +1% in Oct.
  • Multi-unit housing falls after driving prior increases.
  • "As the more difficult borrowing conditions and labour shortages now seem to be showing in the starts numbers, we can expect to see continued slower starts rates in the coming months", says CMHC Deputy Chief Economist Kevin Hughes.
  • Homebuilding remains well short of pace agency says is needed to restore affordability over next decade.
  • Actual year-to-date housing starts -8%; prior -7%.
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