The month of October saw a slight decrease in housings starts across the country, according to Canada Mortgage and Housing Corporation (CMHC).
Housing starts peaked at 195,707 for the month, down from 197,763 in September.
“The decrease in the trend reflects a decline, in October, of starts of multi-unit dwellings, including condominiums,” CMHC’s Bob Dugan said. “Given the elevated level of condominium units under construction, our expectation is condominium starts will continue to trend lower over the coming months.”
Further, the seasonally adjusted annual rates (SAAR) for October was 183,604 units, down from 197,355 the previous month. Urban starts decreased to 164,683 from September’s 177,053. Multiple urban starts were down to 98,673, and single-detached hopes slightly increased to 66,010.
British Columbia cited the highest declines, followed by Québec, Atlantic Canada, the Prairie Provinces, and Ontario. Click here for more information.
