Toronto, Ontario, December 8, 2005--Canadian housing starts rose 7.4 percent in November as demand for new homes rebounded from an October decline, Canada Mortgage and Housing Corp., said on Thursday.
New home construction rose to a seasonally adjusted annualized rate of 222,100 units from a revised 206,800 units in October, CMHC said.
The number of starts last month was better than analysts' expectations of 220,000 starts. October's tally was previously reported at 206,700 units, which was down 10 percent from September.
Urban singles climbed 2.7 percent to 91,300 units, while urban multiples rose 14.6 percent to an annual rate of 101,200 units.
Rural starts in November were estimated at a seasonally adjusted annual rate of 29,600 units.
