Annual pace of housing starts jumped up 8% in October: CMHC

Canada Mortgage and Housing Corp. says the annual pace of housing starts in October rose eight per cent compared with September.

The national housing agency says the seasonally adjusted annual rate of housing starts was 240,761 units in October, up from 223,391 in September.

The increase came as the annual pace of urban housing starts rose six per cent to 223,111 units.

The annual pace of multi-unit urban starts such as apartments, condominiums and townhouses gained seven per cent at 175,705, while the rate of single-detached urban starts increased one per cent at 47,406 units.

The annual pace of rural starts was estimated at 17,650.

CMHC says the six-month moving average of the annual rate of housing starts was flat in October at 243,522 units.

This article by The Canadian Press was first published on Nov. 18, 2024.