According to a new report from the Canada Mortgage and Housing Corporation, housing starts slowed in September in the apartment and condo markets, but the declines were not as significant as experts originally anticipated.
The CMHC indicates that housing starts in Canada were trending at 224, 419 units annually in September, and the standalone monthly SAAR was 220,215 units in September. This is down from 225, 328 units in August.
Mathieu Laberge, Deputy Chief Economist at the CMHC noted that, “Housing starts in September were largely in line with the latest trend figure. The monthly decrease posted in September was mostly due to a decrease in urban multiples starts. As expected, the number of multiples starts in Ontario, particularly in Toronto, reverted back to a level more in line with the average pace of activity over the last six months.”
Experts predict that the market will likely cool further in coming months.
“Following a period of elevated housing starts activity due to strong volumes of multi-family unit pre-sales in 2010 and 2011, the pace of housing starts is expected to moderate,” noted Laberge.