Canadian housing starts fell 18% in December at a seasonally adjusted annual rate. The decrease was in multi-family construction in the major cities, while singlefamily construction was unchanged from November.
Overall the housing market remained strong in 2015 despite low oil prices and a contraction in GDP in two quarters. Low mortgage rates and relatively low unemployment supported the housing market, except in Alberta where job losses related to the oil industry were high.
The Canadian Housing and Mortgage Corporation expect a modest decline in home construction in 2016 and 2017, but given the uncertainty in the global economic outlook housing starts could also strengthen from 2015.
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