November 9, 2009

OTTAWA – The seasonally adjusted annual rate of new home construction was up in October. According to the Canada Mortgage and Housing Corporation, starts rose from 149,300 units to 157,300 units in October – a 5.4 per cent increase.
“The improvement in housing starts in October is attributable to improvement in the multiple starts segment,” said Bob Dugan, chief economist at the CMHC’s Market Analysis Centre. “Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008.”
The SAAR of urban starts was up 5.2 per cent to 139,900 units. The multi-family segment led the rise with a 13.8 per cent increase to 72,600 units. Single-family starts were up 2.7 per cent, meanwhile, to 67,300 units.
Regionally, British Columbia led the nation with a 15 per cent increase in October starts, followed by Ontario with a 14.8 per cent rise, the Prairies with a 6.5 per cent jump and Atlantic Canada which edged up 1.2 per cent. Quebec was the only market to see its starts drop, falling 11.6 per cent.
Rural starts were up 6.8 per cent to 17,400 units SAAR nationally.