The data, published
by the Canada Mortgage and Housing Corp. (CMHC) on Monday, showed that the seasonally
adjusted annual rate of housing starts came in at 262,443 units in November, up 8.4
per cent from an upwardly revised 242,207 units (from 240,761 units) in October. This marked the highest reading since July (275,401 units).
Economists had anticipated
an annual pace of 248,200 in November.
According to
the report, urban starts climbed by 9.2 per cent m-o-m last month to 245,083 units,
the highest level in four months, reflecting a 10.6 per cent m-o-m surge in
multiple urban starts to 195,281 and a
3.7 per cent m-o-m gain in single-detached urban starts to 49,802.
Meanwhile, rural starts were calculated at a
seasonally adjusted annual rate of 17,360 units, down 2.0 per cent m-o-m.