Halifax, Toronto up as Canada starts hit 19-month low
October 22, 2018
The trend in housing starts was 207,768 units in September 2018, compared to 213,966 units in August 2018, according to the Canada Mortgage and Housing Corporation (CMHC).
"The national trend in housing starts stood at a 19-month low in September, following declines in four of the last five months,” said Bob Dugan, CMHC’s chief economist. "The slowdown in the pace of new residential construction activity in recent months is a result of both lower single-detached and multi-starts activity. aIn Toronto, total housing starts trended higher in September, as the decline in the single-detached starts trend was more than offset by rising multi-unit starts. Multi-unit starts were strong across unit types, led by semi-detached units, which saw the most starts for the month of September since 2004.
Halifax also proved an exception. Total housing starts in Halifax trended higher in September, led by continued strength in apartment construction. Improved employment levels and strong population gains are supporting a growth in rental market demand with multiples starts expanding by 21 per cent year-over-year. After remaining flat for the past two months, single-detached starts also picked up pace in September, increasing by 11 per cent compared to last year.