New home construction in Canada fell by 10 per cent in January compared to December, as fewer multi-unit urban homes, such as townhouses, were built, according to the country’s national housing agency.
The Canada Mortgage and Housing Corporation said Thursday that housing starts came in at 223,589 units in January, down 25,379 from December. Many economists had predicted there would be an increase.
“It’s no surprise that Canada needs to accelerate the pace of homebuilding to prevent a continual deterioration in housing affordability,” TD economist Marc Ercolao wrote in a note, adding that the housing numbers aren’t prompting TD to change what he called a
