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December Canadian housing starts declined 12.6% month on month (m/m) to 228,279 units (annualized).
Starts across all segments were down in the month, with the 15.5% m/m drop in urban multi-family units leading the overall decline.
The December decline in total housing starts was a bit weaker than projected, but annual starts were the strongest since 2017. Strong demand will keep starts elevated but softer in 2021 with slower population growth.