November 16, 2023

Housing starts continue to trend higher in October

OTTAWA, ON, Nov. 16, 2023 /CNW/ – The trend in housing starts was higher in October at 256,280 units, up 1% from 253,957 units in September, according to Canada Mortgage and Housing Corporation (CMHC). The trend measure is a six-month moving average of the monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada.

The monthly SAAR of total housing starts for all areas in Canada also increased 1% in October (274,681 units) compared to September (270,669 units).

The monthly SAAR of total urban (centres 10,000 population and over) housing starts increased 2%, with 257,357 units recorded. Multi-unit urban starts increased 1% to 209,887 units, while single-detached urban starts increased 9% to 47,470 units.

Total SAAR housing starts were down 43% in Montreal and 24% in Toronto, while Vancouver recorded an increase of 35%, driven by a 40% increase in multi-unit starts.

The rural starts monthly SAAR estimate was 17,324 units.

Quote:

“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. We will need to find innovative ways to deliver more housing and close the supply gap in this challenging economic environment,” said Bob Dugan, CMHC’s Chief Economist.

Key Facts:

Actual 2023 year-to-date housing starts were 22% and 37% higher than the same period in 2022 in Toronto and Vancouver, respectively, driven by higher multi-unit starts.Nationally, actual year-to-date housing starts were down 7% in centres of 10,000 population and over, due to lower single-detached starts.Monthly Housing Starts and Other Construction Data are accessible in English and French on our website and the CMHC Housing Market Information Portal.Housing starts data is available on the eleventh business day each month. We will release the November housing starts data on December 15 at 8:15 AM ET.CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly estimates and to obtain a clearer picture of upcoming new housing supply. In some situations, analyzing only SAAR data can be misleading, as the multi-unit segment largely drives the market and can vary significantly from one month to the next.Definitions and methodology to better understand the foundations of the Starts and Completions and Market Absorption surveys.

As a trusted source of housing information, CMHC provides unbiased housing-related data, research, and market information to help close knowledge gaps, and deepen understanding of complex housing issues to inform future policy decisions. Housing starts facilitate the analysis of monthly, quarterly, and year-over-year activity in the new home market. The data we collect as part of our Starts and Completions and Market Absorption surveys helps us obtain a clearer picture of upcoming new housing supply and is used as part of our various housing reports.

For more information, visit our website at https://www.cmhc-schl.gc.ca/en, and follow us on Twitter, YouTube, LinkedIn, Facebook and Instagram.

Housing starts continue to trend higher in October

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Housing starts continue to trend higher in October

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