Canada's seasonally adjusted rate of housing starts edged down slightly in January, official data showed Wednesday. The seasonally adjusted annual rate of housing starts was 197,900 units in January, according to Canada Mortgage and Housing Corporation (CMHC). This is down from 199,900 units in December 2011.
Economists expected an annual rate of around 195,000 starts.
The rate of urban starts decreased by 2.8 percent to 176,600 units. Significantly fewer multi-family dwellings were built in Atlantic Canada and Quebec, offsetting a notable increase in British Columbia. Annual rate of urban starts sank 35.4% in Atlantic Canada and 34.4% in Quebec. Urban starts were stronger by 28% in British Columbia, 11.1% in Ontario and 2.3% in the Prairies.
Rural starts were estimated at 21,300 units in January