Housing Starts Trend Lower

The trend in housing starts was 271,068 units in September, down from 284,757 units in August, says the Canada Mortgage and Housing Corporation (CMHC). "Single-detached and multi-family seasonally adjusted annual rate (SAAR) starts were both lower in Canada's urban areas in September, which led to a decline in overall SAAR starts for the month,” says Bob Dugan, chief economist for CMHC. “However, the level of housing starts activity in Canada remains high in historical terms.” Additionally, between Vancouver, BC, Toronto, ON, and Montreal, QC, Vancouver was the only market not to register growth in total SAAR starts. This was due to a decline in the multi-family segment. Furthermore, the standalone monthly SAAR of housing starts for all areas in Canada was 251,151 units in September, a decrease of 4.4 per cent from August. Urban starts decreased by 4.5 per cent to 223,055 units, multiple urban starts decreased by four per cent to 165,861 units in September, and single-detached urban starts decreased by 5.9 per cent to 57,194 units.