Ontario Construction News staff writer
Housing starts in all areas in Canada declined 11 per cent in October (267,055 units) compared to September’s 2022 high (298,811 units), according to a Canada Mortgage and Housing Corporation (CMHC) report.
Toronto recorded the largest decline, with a 47 per cent drop.
Multi-unit urban starts decreased 13% to 188,189 units, while single-detached urban starts fell 4% to 57,045 units. Rural starts were estimated at a seasonally adjusted annual rate of 21,821 units.
“Monthly SAAR declined in October, while the six-month trend in housing starts slightly increased. October’s decrease in monthly SAAR housing starts in Canada’s urban areas was driven by both lower multi-unit and single-detached starts,” CMHC chief economist Bob Dugan said in a statement.
Montreal was the only market to post an increase, driven by a 19 per cent jump in multi-unit activity. Toronto, down 47 per cent and Vancouver, down 19 per cent, contributed to the overall monthly decline for Canada.