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Canada Housing Starts Fall 3% in January to 230,754

By Paul Vieira

 

OTTAWA--Canadian housing starts fell slightly in January from the previous month to their lowest level in about a year.

Housing starts for January came in at a seasonally adjusted annualized rate of 230,754 units, a 3% drop from a revised 238,405 units in December, Canada Mortgage and Housing Corp. said Tuesday. Market expectations had housing starts to hit 245,000 in January, according to economists at TD Securities.

The trend measure--a six-month moving average of the monthly seasonally adjusted annual rate of housing starts--declined to 254,133 units for January from 261,352 units in the previous month.

Even with the declines, starts in Canada remain at historically elevated levels.

In the January report, CMHC said urban starts of multifamily units, like condominiums and row houses, fell 9% in January to 144,332, while starts of single-detached homes rose 7% to 60,096.

 

Write to Paul Vieira at paul.vieira@wsj.com

 

(END) Dow Jones Newswires

February 15, 2022 08:45 ET (13:45 GMT)

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