With inventory badly needed in many markets it is welcome news that housing starts were up in September.
“Housing starts were on an upward trend in September, as residential construction increased across the country with the exception of Ontario, where the multiples segment softened to levels that are more consistent with household formation," said Bob Dugan, CMHC Chief Economist.
The trend measure of starts was 199,503 compared to 196,495 in August according to the latest data from the Canada Mortgage and Housing Corporation.
The standalone seasonally adjusted annual rate for all areas in September was up to 220,617 from 184,201 in August.
Urban starts were up 19.7 per cent to 201,848; multiple urban starts were up 22.3 per cent to 137,803; single detached urban starts were up 14.5 per cent to 64,045 units.
“Quebec saw the largest gain in housing starts due to the development of new rental apartments intended for seniors. That said, Quebec’s growing apartment stock emphasizes the importance of inventory management,” Duggan said.
Rural starts were estimated at 18,769 units.
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