Just as the Canada Mortgage and Housing Corporation (CMHC) predicted, Canadian housing starts are moving on up in the second part of 2013. Starts were trending at 195,338 units in October compared to 191,557 in September. The trend is a a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“The trend in total housing starts has gained momentum since July, which is in line with expectations that new construction would strengthen over the second half of 2013. Gains since July have been broad-based, reflecting increased activity in large and small urban centres, particularly in Ontario and, to some extent, in British Columbia,” said Mathieu Laberge, Deputy Chief Economist at CMHC, in the news release.
“Housing starts remain on target with our projected total for 2013, which is expected to range between 179,300 and 190,600 units,” he said.
Last month, the standalone monthly SAAR edged up from 195,929 in September to 198,282 units. The SAAR of urban starts was basically unchanged at 177,434 units in October.
Multiple urban starts saw a slight increase of 0.9 per cent to 115,011 units in October. Single urban starts measured a decrease, dropping by 1.7 per cent to 62,423 units.
Ontario saw the seasonally adjusted annual rate of urban starts increase while every other region in the country (British Columbia, Quebec, Atlantic Canada and the Prairies) all saw decreases.
For more details check out the tables below…