OTTAWA, ON – Canadian housing starts were 157,000 units seasonally adjusted in October, the highest number recorded so far in the year, according to Canada Mortgage and Housing Corp. The data suggests that the Canadian housing market is continuing to recover after hitting low of 119,000 units in April.
“The improvement in housing starts in October is attributable to improvement in the multiple starts segment,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008.”
The seasonally adjusted annual rate of urban starts increased by 5.2% to 139,900 units in October. Urban multiple starts climbed 13.8% to 72,600 units, while urban single starts declined by 2.7% to 67,300 units in October.
October’s seasonally adjusted annual rate of urban starts increased by 15 per cent in British Columbia, by 14.8% in Ontario, by 6.5% in the Prairies and by 1.2% in the Atlantic. The rate of urban starts decreased by 11.6% in Quebec.
Rural starts were estimated at a seasonally adjusted annual rate of 17,400 units in October.
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