FXstreet.com (Barcelona) - Starts of new homes have reached in 2007 their second highest level in almost 20 years, posting a substantial increase compared to 2006, despite the sharp decline in December, according to data released by StatCan.

In the whole 2007 the total volume of housing starts are estimated to total 229,600 units, although December's figure is not that brilliant, as in a seasonally adjusted rate, starts of new houses have decreased 19.6% to an annual rate of 187.500 units.

Starts for November have been revised up to 233,300 units from the initial 227,900 annual rate. The Canadian Mortgage and Housing Corporation blame the decrease on the harsh climate conditions of this time of the year.