Housing starts lower in September: CMHC
Canada Mortgage and Housing Corp. says the pace of housing starts slowed in September, due mainly to a decrease in starts of urban apartments and condos.
The corporation says there were 19,750 starts across the country in September.
Extrapolating that over 12 months and adjusting for seasonal variations, the September number translates to an annual rate of 220,215 starts, down from 225,328 in August.
The agency says the seasonally adjusted annual rate of urban starts decreased by 3.0 per cent in September to 203,731 units.
Urban single starts fell by 1.4 per cent 67,643 units, while multiple urban starts decreased by 3.9 per cent to 136,088 units.
September’s seasonally adjusted annual rate of urban starts increased on the Prairies and Atlantic Canada, was relatively unchanged in Quebec and dropped in British Columbia and Ontario.
"As expected, the number of multiples starts in Ontario, particularly in Toronto, reverted back to a level more in line with the average pace of activity over the last six months," said Mathieu Laberge, deputy chief economist at CMHC.
"Following a period of elevated housing starts activity due to strong volumes of multi-family unit pre-sales in 2010 and 2011, the pace of housing starts is expected to moderate."
Note to readers: This is a corrected story. An earlier version said Central instead of Canada Mortgage and Housing Corp.