Ontario Construction News staff writer
The trend in housing starts was higher in October at 256,280 units, up 1 per cent from 253,957 in September, according to Canada Mortgage and Housing Corporation (CMHC).
“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.
The monthly seasonally adjusted annual rate (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 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 and the rural starts monthly SAAR estimate was 17,324 units.
Actual 2023 year-to-date housing starts were 22 per cent and 37 per cent 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.