Housing starts take a tumble in December

OTTAWA — Housing starts in December were at a seasonally adjusted annual rate of 213,419 units, according to the Canada Mortgage and Housing Corp., down from 224,349 in November. The agency said that mild temperatures worked in favour of construction but noted that higher interest rates and stiffer mortgage restrictions would continue to squeeze home building this year. The SAAR of urban starts decreased by 5.8% in December to 194,594 units. Multiple urban starts decreased by 6.8% to 144,728 units in December while single-detached urban starts decreased by 2.6% to 49,866 units. Rural starts were estimated at a seasonally adjusted annual rate of 18,825 units.