Canadian Housing Starts Surge Beyond Expectations in November
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Canadian housing starts rose a significant 8% in November, exceeding market forecasts and driven by a surge in multi-unit construction in several provinces, reports Reuters. This marks a substantial increase from the upwardly revised October figure of 242,207 units.
The seasonally adjusted annualized rate of housing starts reached 262,443 units in November, significantly exceeding economists' expectations of 245,100 units. This unexpected surge was primarily attributed to a rise in multi-unit construction starts in Quebec, Alberta, and British Columbia.
This unexpected growth in housing starts contrasts with the overall cooling trend in the Canadian housing market. Interest rate hikes have led to a slowdown in sales and price growth in recent months. However, this latest data point suggests that certain segments of the market, particularly multi-unit construction, remain relatively resilient.