Single-detached Housing Starts Lead Increase

The trend in housing starts was 222,734 units in October, up from 214,372 units in September, says the Canada Mortgage and Housing Corporation (CMHC). Bob Dugan, CMHC's chief economist, says, "Higher single-detached SAAR starts in October drove the overall trend higher, offsetting a second consecutive decline in monthly multi-family SAAR starts. Single-detached starts trended higher in several major centres, including Toronto, ON, and Montreal, QC." The standalone monthly SAAR of housing starts for all areas in Canada was 214,875 units in October, an increase of three per cent from 208,715 units in September. The SAAR of urban starts increased by 3.5 per cent in October to 202,584 units. Multiple urban starts decreased by a slight 0.2 per cent to 144,796 units in October while single-detached urban starts increased by 14.3 per cent to 57,788 units. Rural starts were estimated at a seasonally adjusted annual rate of 12,291 units.