The residential real estate market in Canada registered a slight increase in housing construction in November, according to the latest report from the Canadian Mortgage and Housing Corporation (CMHC).
There were 219,047 units that began construction in the month, compared to 218,253 units in October. CMHC said that this trend measure is an average of six months of the annual seasonal adjusted seasonal rate (SAAR) of home construction.
“The national trend in housing construction was essentially unchanged in November, reflecting a slight increase in both multifamilies and independents,” said CMHC chief economist Bob Dugan.
The monthly SAAR for independent units in all areas in Canada was 201,318 in November, a slight 0.3% increase from 200,674 units in October.
The SAAR of urban construction also increased, 0.4% in November to 188,559 units.
Multiple urban constructions improved by 2.3% to 141,753 units in November, while the independent ones were reduced by 5.1% to 46,806 units.
Vancouver saw a significant decrease in this trend for the second consecutive month, after an increase in construction activity earlier this year.
“This decrease was offset by modest gains in the trend of multiple units in most other major markets, including Toronto,” Dugan said.
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Source: Canadian Real Estate Magazine