Canadian housing starts fall 11% in October

By Bob Dugan
Canada Mortgage and Housing Corporation
November 16, 2022
Category: Finance & Economics
Region: Canada

OTTAWA — The standalone monthly SAAR (seasonally adjusted annual rate) of total housing starts for all areas in Canada declined 11% in October (267,055 units) compared to September’s 2022 high (298,811 units). The SAAR of total urban starts also declined, down 11% to 245,234 units in October. Multi-unit urban starts decreased 13% to 188,189 units, while single-detached urban starts fell 4% to 57,045 units. …”Monthly SAAR declined in October, while the six-month trend in housing starts slightly increased. October’s decrease in monthly SAAR housing starts in Canada’s urban areas was driven by both lower multi-unit and single-detached starts. …Despite this, Housing starts activity remains elevated in Canada in 2022,” said Bob Dugan, CMHC’s Chief Economist.

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