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Category: What's New in 2007

CMHC Housing Starts Move Higher in September

October 16, 2007

The seasonally adjusted annual rate of housing starts was 278,200 units in september, up 19.6 per cent from 232,700 units in August, according to Canada Mortgage and Housing Corporation (CMHC).

"The rise in September housing starts reflects a strong multiple starts segment," said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. "In particular, the robust results achieved this month can be mostly attributed to increased condominium starts,which reflect strong condo sales over the past 12 to 24 months. Despite this sizeable growth in September, we continue to expect that housing starts will decrease gradually between now and the end of 2008."

The seasonally adjusted annual rate of urban starts increased 22.9 per cent to 244,400 in September, compared to August. Urban singles were down 4.3 per cent to 90,300 units in September, while multiple starts increased 47.5 per cent to 154,100 units. Rural starts were estimated at a seasonally adjusted annual rate of 33,800 units in September.

Want to read more about housing starts? Visit http://www.cmhc-schl.gc.ca/en/corp/nero/nere/2007/2007-10-09-0815.cfm

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