The seasonally adjusted annual rate of housing starts was 177,300 units in December, down
marginally from 178,000 units in November, Canada Mortgage and Housing Corporation said in
Housing starts in December were almost unchanged compared to November, said Bob Dugan,
Chief Economist at CMHCs Market Analysis Centre.
Pent-up housing demand which built up over the 1990s enabled Canadian housing starts to
exceed long run demographic demand for the majority of this decade. This excess demand has
gradually decreased and CMHC expects construction levels in 2009 to be more aligned with long
run demographic demand.
The annual rate of new homes built in urban areas in December, seasonally adjusted, decreased
0.5 per cent to 150,100 units across Canada, but Ontario urban starts climbed 8.6 per cent to
Rural starts were estimated at a seasonally adjusted annual rate of 27,200 units in December.