OTTAWA, ON -- Canada's seasonally adjusted annual rate of housing starts was 167,900 units in October, according to Canada Mortgage and Housing Corporation (CMHC), down from 185,000 units in September.
âHousing starts moved lower in October due to a decrease in urban single starts in all regions, with the exception of Atlantic Canada,â said Bob Dugan, chief economist at CMHCâs Market Analysis Centre. âBoth single-detached and multiple starts decreased last month.â
The moderation in housing starts in October, from relatively high levels earlier in the year is consistent with CMHCâs forecast for 2010 of 184,900 units. Looking ahead into 2011, CMCH said housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
Read Canada Mortgage and Housing Corporation's press release.
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