The CMHC released the preliminary housing starts data for Canadian major centres for the month of November and housing starts basically dropped off a cliff across the country with Vancouver being no exception.
Starts fell from 2768 last November to 971 this November. It appears that the trend for starts is downward as we enter the correction phase of this real estate cycle. The rolling 12 months of starts has now fallen from a cycle high in July of 21,948 to 19,660 in November.
Construction unemployment is likely to start rising dramatically through 2009 if this trend continues.
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