The pace of new housing starts in Canada slowed down in January with a sharp drop in multiple-unit homes, an indication builders are adjusting to a slowdown in buyers, according to the Canada Mortgage and Housing Corporation (CMHC), reports CBC News.

A CMHC estimation notes there were 11,737 new builds constructed in January and that is extrapolated to a seasonally adjusted annual rate of 180,248. In December 2013, that rate was 187,144.

The loonie experienced a slight decline, falling to 90.45 cents US. That eliminated the gains it made Friday as the Canadian employment fell to 7 per cent. It closed down 0.13 of a cent to 90.46 cents U.S. 

Bank of Canada governor Stephen Poloz is hoping for a “soft landing” for Canada's housing market, which experienced a 10 per cent increase in prices in 2013.

The CMHC did not indicate if it believed the extreme cold exeperienced country-wide in January affected housing starts.


Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate