Canada: Annual pace of housing starts climbed higher in October

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CMHC/Fordaq
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The annual pace of housing starts increased three per cent in October compared with September, Canada Mortgage and Housing Corp. said on Tuesday, although the increase was less than some economists predicted.

The seasonally adjusted annual rate of housing starts rose to 214,875 units last month compared with 208,715 in September, the national housing agency said. Economists surveyed by financial data firm Refinitiv had on average expected an annual rate of 222,000.

CMHC said that single-detached houses in cities such as Toronto and Montreal contributed to the upswing in overall housing starts.

The annual rate of urban starts rose 3.5 per cent in October to 202,584 units. The pace of urban starts of apartments, condos and other types of multiple-unit housing projects edged down 0.2 per cent to 144,796, while urban starts of single-detached homes rose by 14.3 per cent to 57,788. Rural starts were estimated at a seasonally adjusted annual rate of 12,291 units.

Overall, the six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 222,734 in October, up from 214,372 in September.

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