US EditionCMHC reports annual pace of housing starts dropped 17 per cent in October
The national housing agency reports a 17% decline in annual housing starts due to reduced construction in Ontario and British Columbia, despite gains in other major markets.
- On Tuesday, the Canada Mortgage and Housing Corp. said the annual pace of housing starts fell 17 per cent in October compared with September, with the seasonally adjusted annual rate dropping to 232,765 units from 279,174.
- Across Ontario and British Columbia, starts fell last month as Ontario's dropped 35 per cent with 970 single-detached and 2,597 multi-unit projects begun.
- The six-month moving average shows the seasonally adjusted annual rate fell to 268,907 in October from 277,081 in September, while last October saw 1,288 single-detached and 4,213 multi-unit homes start construction.
- Rishi Sondhi wrote builders remain active `at a fairly healthy clip, supported by the purpose-built rental market,` but warned homebuilding is likely to cool next year due to weak pre-sales and modest population growth.
- Despite the monthly drop, actual starts in centres with a population of 10,000 or greater totalled 19,174 in October versus 19,763 last year, with year-to-date totals rising to 197,207 aided by Montreal, Calgary and Edmonton.
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CMHC reports that the seasonally adjusted and annualized monthly number of housing starts fell by 17% in October compared to September.
On Tuesday, Canada Mortgage and Housing Corporation (CMHC) reported that the seasonally adjusted and annualized monthly number of housing starts fell by 17% in October compared to September.
Housing starts tumble in Canada, Ontario, and Windsor
Housing starts dropped in October across Canada, and here in Windsor.The Canada Mortgage and Housing Corporation released its report on housing starts for October on Tuesday morning.In Windsor, construction began on 24 new single-detached homes and 32 multi-unit projects, for a total of 56 actual housing starts. Compared to last year, the drop is 63 per cent.In October 2024, ground broke on 57 single-detached homes and 94 multi-unit projects. Ac…
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