OTTAWA, Ontario -- The monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada decreased 22% in November (212,624 units) compared to October (272,264 units), according to the Canada Mortgage and Housing Corporation (CMHC).

The monthly SAAR of total urban (centers 10,000 population and over) housing starts decreased 23%, with 195,363 units recorded. Multi-unit urban starts decreased 27% to 151,297 units, while single-detached urban starts decreased 7% to 44,066 units.

CMHC noted that the total SAAR housing starts were down 30% in Montreal and 39% in both Toronto and Vancouver, driven by significant declines in multi-unit starts.

In a potential sign of better things to come, the six-month trend in housing starts was higher in November at 257,777 units, up 0.7% from 255,876 units in October.

“The notable drop in the rate of housing starts in November, particularly in the multi-unit space, should not come as a major surprise and reflects tighter economic conditions impacting construction timelines," said Kevin Hughes, CMHC’s deputy chief economist. "As the more difficult borrowing conditions and labor shortages now seem to be showing in the starts numbers, we can expect to see continued slower starts rates in the coming months,".