Canadian Housing Starts Hit Their Highest Level Since November 2021
Monthly Housing Starts and Other Construction Data Tables
The Canadian Mortgage and Housing Corporation (CMHC) reported on Tuesday (10-18-22) that September’s standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada was at its highest level since November 2021, coming in at 299,589 units. This is just shy of November 2021’s report of 305,889 units. The CMHC says that September’s gains represent an 11% increase over August 2022, figures.
The SAAR of total urban starts increased 12% to 276,142 units in September. Multi-unit urban starts increased 16% to 216,549 units, while single-detached urban starts were flat at 59,593 units.
Adding additional background and his analysis, CMHC Chief Economist Bob Dugan said, “September’s increase in monthly SAAR housing starts in Canada’s urban areas was driven by higher multi-unit starts. Both the six-month trend and monthly SAAR in housing starts were higher in September compared to August.”
Dugan says that starts are elevated in 2022, adding that the trend in housing starts was 276,682 units in September, up 3% from 267,813 units in August. This trend measure is a six-month moving average of the monthly SAAR of housing starts.
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