Canadian housing starts plunged in January as both single and multiple starts fell, particularly in Ontario, Canada Mortgage and Housing Corp said on Friday in a report that showed the housing market was even weaker than expected.

The agency says there were 9,904 actual starts last month, compared with 13,038 in January 2012.

The seasonally adjusted annualized rate of housing starts was 160,577 units in January, down from 197,118 in December. The December figure was revised down from the 197,976 units reported previously.

The CMHC said it was preferable to focus on the six-month moving average of housing starts, which were trending at 203,208 units in January.

Canadian housing starts plunged in January as both single and multiple starts fell, particularly in Ontario, Canada Mortgage and Housing Corp said on Friday in a report that showed the housing market was even weaker than expected.

The agency says there were 9,904 actual starts last month, compared with 13,038 in January 2012.

The seasonally adjusted annualized rate of housing starts was 160,577 units in January, down from 197,118 in December. The December figure was revised down from the 197,976 units reported previously.

The CMHC said it was preferable to focus on the six-month moving average of housing starts, which were trending at 203,208 units in January.

Source: Reuters, Canadian Press

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