Canadian housing starts jumped 13% to a seasonally adjusted annual rate of 252,184 units in November from 222,695 units in October, according to preliminary data from the Canada Mortgage and Housing Corp., or CMHC.
The seasonally adjusted annual rate of urban starts rose 14.4% to 235,412 units in November from the previous month. Multiple urban starts increased by 16.9% to 175,016 units and single-detached urban starts climbed by 7.5% to 60,396 units.
Rural starts came in at a seasonally adjusted annual rate of 16,772 units.
The six-month moving average of the monthly seasonally adjusted annual rates of housing starts increased to 226,270 units in November, from 216,642 units in October.
"The trend in housing starts reached its highest level in almost 10 years this November, reflecting a second consecutive increase in multiple starts," CMHC chief economist Bob Dugan said of the six-month moving average. "This largely reflects construction of multiple units in Toronto, where evidence of overbuilding is low due to the decreasing inventory of completed and unabsorbed multiple units and strong demand."