December housing starts weaker than expected, down from November

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December housing starts weaker than expected, down from November
Tue Jan 9, 12:37 PM

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$ U* E4 V7 I) _/ C3 ^  NOTTAWA (CP) - Housing starts in Canada fell in December to a seasonally adjusted annual pace of 211,500, according to Canada Mortgage and Housing Corp.

The consensus estimate had been for 225,000, while the rate in November was 229,300 units. Despite the weakness, the month capped a year when housing starts were the highest level in nearly two decades, the federal housing agency said.
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- D% ?2 g) V0 t. aNew home starts are estimated at 227,400 in 2006.

Chief economist Bob Dugan said housing starts are expected to remain strong in 2007, but are forecast to decrease to 210,900 units.

! k9 t/ x/ G& r"After two strong months in October and November, the volatile multiples segment fell in December and single-detached starts continued to trend downward, reaching their lowest level of the year," Dugan said in a statement.

All regions saw urban starts fall nine per cent in December compared with 180,000 in November. Urban starts of apartments and condominiums fell 13.9 per cent to 93,400 units in December, while single dwelling starts fell three per cent to 86,600 units.
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. C1 u$ w! M$ ~3 BThe largest declines were in the Prairie and Atlantic regions, where urban starts fell by 20.5 per cent and 17.9 per cent, respectively. British Columbia, Ontario and Quebec recorded smaller declines of 7.1 per cent, 3.6 per cent, and 1.5 per cent, respectively.
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Rural starts in December held steady at a seasonally adjusted annual rate of 31,500 units.