New figures from the Canada Mortgage and Housing Corporation suggest that Canada’s property boom remained intact last month and should stave off a recession in the Canadian economy.
The CMHC said today that starts rose to a seasonally adjusted annualized rate of 205,900 units in September. A surge in the condo sector helped bump the figures up.
This huge number exceeds the expectation of 188,000 starts, which was the previous consensus amongst housing market analysts.
Starts increased in September because of an increase in multiple starts in the Atlantic region, BC and Quebec according to Mathieu Laberge, the deputy chief economist of the CMHC. “Multiple housing starts are expected to move back toward levels consistent with demographic fundamentals in the near term,” Laberge explained in a statement.
The CMHC noted that urban starts increased by 8 per cent to 185,900 units in September, with multiple urban starts up by 14.2 per cent to 118,000 units. Single family housing in urban areas declined by 1.5 per cent last month to 67,900 units.
The agency also revised the number of August starts up to 191,900 from 184,700.