08:40 AM EST, 01/16/2025 (MT Newswires) -- The pace of homebuilding dropped off sharply in Canada in December, to 231,500, from 267,000 in the prior month, noted CIBC after Canada Mortage and Housing Corporation (CMHC) released the data Thursday.

That 13% month-over-month slowdown was well below the consensus expectation of 250,000, with slower building seen in both the single-family and multi-family segments, said the bank.

That followed solid gains in the two prior months, however, leaving the pace of building for Q4 overall 4% higher than Q3, at 248,000. While CIBC expects building to increase ahead in line with falling interest rates, the acceleration in starts will be limited by the weakness in condo pre-sales.