OTTAWA, ON - Housing starts grew 19% in Ontario last month, offsetting declines felt in all otehr urban centers of Canada, according to preliminary data released by the Canada Mortgage and Housing Corporation (CMHC)
Canadian housinig starts grew 2% in October to 195,338 units compared to 191,557 in September. Ontario's urban centers jumped 19% to 68,277 units and rural Canada, with 20,048 units, climbed 12.9%.
Losses were experienced in the urban centers of Atlantic, -8.1%; Quebec, -3.8%; the Prairies. -5.8%; and British Columbia. -19.2%.
“The trend in total housing starts has gained momentum since July, which is in line with expectations that new construction would strengthen over the second half of 2013," said Mathieu Laberge, deputy chief economist at CMHC. "Gains since July have been broad-based, reflecting increased activity in large and small urban centres, particularly in Ontario and, to some extent, in British Columbia. Housing starts remain on target with our projected total for 2013, which is expected to range between 179,300 and 190,600 units,”
Have something to say? Share your thoughts with us in the comments below.