"The annual pace of housing starts, also known as new home construction, fell 17 per cent in October compared with September, the Canada Mortgage and Housing Corp. said Tuesday. The national housing agency says the seasonally adjusted annual rate of housing starts was 232,765 units in October, down from 279,174 in September. Tania Bourassa-Ochoa, CMHC's deputy chief economist, says the drop came as the number of starts in Ontario and British Columbia fell in October."
"Rishi Sondhi, an economist at TD Economics, said that the October data shows that builders are starting new units "at a fairly healthy clip, supported by the purpose-built rental market." "Notably, homebuilding in the rest of Canada is much stronger than in Ontario, as the latter is being weighed down by a retrenchment in condo construction," he wrote in a note."
The seasonally adjusted annual rate of housing starts was 232,765 units in October, down from 279,174 in September. Actual housing starts in centres with population of 10,000 or greater totalled 19,174 units in October, compared with 19,763 in October 2024, while the year-to-date total for those centres was 197,207, up from 188,660. The six-month moving average of the seasonally adjusted annual rate was 268,907 in October, down from 277,081 in September. Starts fell in Ontario and British Columbia, while higher starts in Montreal, Calgary and Edmonton kept the national year-to-date total elevated. Builders remain supported by the purpose-built rental market, and Ontario is being weighed down by retrenchment in condo construction.
Read at www.cbc.ca
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