Canada’s annual pace of housing starts rose one per cent in October compared with September.
That is according to new figures released by the Canada Mortgage and Housing Corporation (CMHC).
October’s seasonally adjusted annual rate of housing starts was 274,681 units, up from 270,669 units in September.
Urban housing starts accounted for 257,357 units, up two per cent from the month before.
Multi-unit urban starts increased one per cent to 209,887 units, while single-detached urban starts increased nine per cent to 47,470 units.
“Despite the upward trend in October, driven once again by persistent multi-unit starts activity off-setting declines in single-detached starts, actual year-to-date starts are down,” Bob Dugan, CMHC’s chief economist, said in a news release.
“We will need to find innovative ways to deliver more housing and close the supply gap in this challenging economic environment.”
The annual rate of rural housing was estimated to be 17,324 units, according to CMHC.
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