Following September’s Pause, Canadian Housing Starts Trend Higher in October

According to the latest report from the Canada Mortgage and Housing Corporation (CMHC) the trend in October housing starts was recorded at 222,734 units, up from September’s 214,372 units. The trend measures a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. The standalone monthly SAAR of housing starts for all areas in Canada was 214,875 units in October, an increase of 3.0% from 208,715 units in September. In prepared remarks, Bob Dugan, CMHC’s chief economist said, “The national trend in housing starts increased in October following a pause in September. Higher single-detached SAAR starts in October drove the overall trend higher, offsetting a second consecutive decline in monthly multi-family SAAR starts. Single-detached starts trended higher in several major centers, including Toronto and Montréal.”