There was a decline in Canada’s housing starts in September, following eight months of trending upwards.
CMHC reports that the six-month trend of starts slipped to 214,821 last month from 220,573 in August.
“Housing starts are trending lower in September after increasing for eight consecutive months,” said Bob Dugan, CMHC’s chief economist. “Nevertheless, new home construction remains very strong as the seasonally adjusted number of starts was above 200,000 units for four straight months.”
There was a 7% decline in the Toronto CMA led by apartment starts and the multi-family sector also led the decline in Vancouver. Saskatoon’s starts were also lower although single-family and multi-family sectors both decline.
Quebec and London posted stronger results.
The standalone monthly SAAR of housing starts for all areas in Canada was 217,118 units in September, down from 225,918 units in August.
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