(Bloomberg) -- Canadian housing starts rose faster than economists forecast in November on multiple-unit projects like condominiums, the country’s housing agency said.
The annual pace of home starts rose 4.4 percent to 215,941 units a seasonally adjusted basis, Ottawa-based Canada Mortgage and Housing Corp. said Monday. Economists predicted 198,000 units in November.
Multiple urban starts increased 3.9 percent to 151,596 units in November, and single-detached urban starts fell 2.3 percent to 50,458 units.
The report showing a second consecutive increase in starts is further evidence the housing market may be stabilizing after some sharp declines earlier this year as consumers adjusted to higher mortgage rates and tougher qualification rules. The gains in multiple-unit projects also suggest some buyers are switching to less expensive houses to find something affordable.
To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net
To contact the editors responsible for this story: Theophilos Argitis at targitis@bloomberg.net, Erik Hertzberg
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