OTTAWA, ON -- The pace of Canadian new home construction dipped ever-so-slightly in October, still staying above the 200,000 level.
The seasonally adjusted annual rate of housing starts was 207,600 units, down less than 1% from the 208,800 units logged in September, according to Canada Mortgage and Housing Corporation (CMHC).
"Housing starts posted a slight decline in October due to a decrease in single-detached starts in urban centers," said Mathieu Laberge, deputy chief economist at CMHC's Market Analysis Centre. "Urban multiple housing starts remained high in October, but overall housing starts are expected to moderate in line with demographic fundamentals."
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