OTTAWA – The Canada Mortgage and Housing Corp. reports a slight increase in the overall rate of housing starts in October compared to September. The seasonally adjusted annual rate in October was 274,681, marking a 1% rise from September’s 270,669.
This uptick was driven by a 2% rise in urban housing starts, totalling 257,357 units. Within the urban segment, multi-unit starts saw a 1% increase to 209,887 units, while single-detached urban starts experienced a significant 9% jump to 47,470 units.
However, regional variations were notable. Montreal’s annual pace of housing starts dropped by 43%, and Toronto experienced a 24% decrease. In contrast, Vancouver’s housing starts surged by 35%, bolstered by a 40% rise in multi-unit starts.
Rural starts for October were estimated at an annual pace of 17,324 units.
The six-month moving average of the seasonally adjusted annual rate of housing starts in October was 256,280, slightly higher by 1% from September’s figure of 253,957
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