Annual pace of housing starts edged up in October: CMHC

Canada Mortgage and Housing Corp. says the annual pace of housing starts for October ticked up from September.

The national housing agency says the seasonally adjusted annual rate of housing starts in October came in at 274,681, up 1% from 270,669 in September.

The increase came as the pace of urban housing starts rose 2% to 257,357 units, with multi-unit urban starts up 1% at 209,887 and single-detached urban starts up 9% at 47,470.

CMHC says the annual pace of housing starts in Montreal fell 43% and Toronto saw a 24% decline, while the pace of starts in Vancouver rose 35%, boosted by a 40% increase in multi-unit starts.

The annual pace of rural starts for October was estimated at 17,324.

The six-month moving average of the monthly seasonally adjusted annual rate of housing starts in October was 256,280, up 1% from 253,957 in September.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.