The trend measure of housing starts in Canada was 199,920 units in October compared to 199,262 in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“In October, housing starts remained stable, as the trend remained essentially unchanged from September,” said Bob Dugan, CMHC Chief Economist. “While apartment starts are on a downward trend in British Columbia after reaching an all-time high at the beginning of the year, increased construction of single, semi-detached and row units in the rest of the country have helped offset the decline.”
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and obtain a more complete picture of the state of Canada’s housing market. In some situations analyzing only SAAR data can be misleading, as they are largely driven by the multi-unit segment of the market which can vary significantly from one month to the next.
The standalone monthly SAAR for all areas in Canada was 192,928 units in October, down from 219,363 units in September. The SAAR of urban starts decreased by 12.1 per cent in October to 176,131 units. Multiple urban starts decreased by 15.3 per cent to 115,402 units in October and single-detached urban starts decreased by 5.4 per cent to 60,729 units.
In October, the seasonally adjusted annual rate of urban starts decreased in British Columbia, Quebec, the Prairies, and in Atlantic Canada, but increased in Ontario.
Rural starts were estimated at a seasonally adjusted annual rate of 16,797 units.
Preliminary Housing Starts data is also available in English and French at the following link: Preliminary Housing Starts Tables
As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
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