Canadian housing starts trend decreased in September
Tisis according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
In the third quarter of 2017, the annual rate of housing starts for the province overall reached 43,736 units, up from the level registered for the previous quarter (40,564 units).
This last result, as were the relatively high totals for the previous quarters, was attributable to the strong momentum observed in the multi-unit housing segment, particularly in the case of rental apartments, for which starts remained significant in the Montréal and Québec areas.
Given the strong activity observed so far, Quebec starts will likely post a gain in 2017.
Homebuilders broke ground on fewer homes in the Toronto Census Metropolitan Area (CMA) during September 2017.
Total housing starts trended lower by 7 % in September from the previous month led by lower apartment starts.
Monthly variations in high-rise starts are typical given delays in getting large scale projects off the ground. Low-rise starts remained strong.
The overall pace of new home construction remains stable as strong demand for new homes in the Toronto CMA continues to persist.
Housing starts in the Vancouver CMA trended downwards in September as fewer multi-family home projects got underway.
The high level of housing starts over the past year has led to a record number of units being under construction in the region, leaving little spare capacity to start additional projects.
New home construction in the Vancouver CMA is being supported by population growth, a strong local economy, and low financing costs. ■