{"id":23313,"date":"2023-11-17T13:25:57","date_gmt":"2023-11-17T21:25:57","guid":{"rendered":"https:\/\/essential.construction\/news\/housing-starts-trend-higher-in-october\/"},"modified":"2023-11-17T13:25:58","modified_gmt":"2023-11-17T21:25:58","slug":"housing-starts-trend-higher-in-october","status":"publish","type":"post","link":"https:\/\/essential.construction\/news\/housing-starts-trend-higher-in-october\/","title":{"rendered":"Housing starts trend higher in October"},"content":{"rendered":"

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Housing Starts in Canada \u2013 All Areas (CNW Group\/Canada Mortgage and Housing Corporation (CMHC))<\/p>\n<\/div>\n

It wasn\u2019t a giant leap, but the trend in housing starts was higher in October compared to September. The trend, a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada, hit 256,280 units, up one per cent from September\u2019s 253,957 units, according to Canada Mortgage and Housing Corporation (CMHC).<\/p>\n

The monthly SAAR of total housing starts for all areas in Canada also increased by a per cent in October, landing at 274,681 units. September\u2019s figure came in at 270,669 units.<\/p>\n

Total SAAR housing starts were down 43 per cent in Montreal and 24 per cent in Toronto, while Vancouver recorded an increase of 35 per cent, driven by a 40 per cent increase in multi-unit starts.<\/p>\n

Actual 2023 year-to-date housing starts were 22 per cent and 37 per cent higher than the same period in 2022 in Toronto and Vancouver, respectively, driven by higher multi-unit starts, but national actual year-to-date housing starts were down seven per cent in centres of 10,000 population and over, due to lower single-detached starts.<\/p>\n

\u201cDespite the upward trend in October, driven once again by persistent multi-unit starts activity off-setting declines in single detached starts, actual year-to-date starts are down,\u201d said Bob Dugan, CMHC\u2019s chief economist. \u201cWe will need to find innovative ways to deliver more housing and close the supply gap in this challenging economic environment.\u201d<\/p>\n

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www.cmhc-schl.gc.ca<\/a><\/p>\n<\/p><\/div>\n