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Housing starts fall another 9.2% in October, CMHC reports PDF Print E-mail
Written by HGO Staff   

OTTAWA (08 November 2010) - For the third consecutive month housing starts fell in October, according to the latest figures published by Canada Mortgage & Housing Corporation (CMHC). This is also the fifth time in the past six months that starts have declined.

CMHC said starts totalled a seasonally adjusted and annualized rate of 167,000 units last month, a drop of 9.2% from a revised start count of 185,000 units in September and off 11.3% from August's total of 191,000.

"Housing starts moved lower in October due to a decrease in urban single starts in all regions, with the exception of Atlantic Canada," CMHC chief economist Bob Dugan said in a statement. "Both single-detached and multiple starts decreased last month."

The federal housing agency also noted that the moderation seen in October - from relatively high levels of housing starts seen earlier this year - is consistent with its published forecast of 184,900 units for 2010. "Looking ahead into 2011, housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year," CMHC said.

"Canadian housing demand has cooled significantly this year, and supply now appears to be following," Robert Kavcic, an economist at BMO Nesbitt Burns, said in a note to clients.

"Look for starts to hang out around the estimated 175,000 rate of household formation through the better part of 2011," he added.

CMHC said the seasonally adjusted annual rate of urban starts decreased by 12.3% to 142,400 units in October. Urban multiple starts moderated by 15% in October at 84,700 units, while single urban starts moved lower by 8% to 57,700 units.

October's seasonally adjusted annual rate of urban starts decreased by 24.5% in Ontario, 16.9% in the Prairie Region, 9.1% in British Columbia and 2.6% in Québec. Urban starts increased by 32.9% in Atlantic Canada.

Rural starts were estimated at a seasonally adjusted annual rate of 25,500 units in October.

Housing Starts, Actual and SAAR*

                       

Actual

SAAR

October
2009

October
2010

September
2010

October
2010

 

Revised

Preliminary

Revised

Preliminary

Canada, all areas

15,302

16,929

185,000

167,900

Canada, rural areas

1,738

2,211

22,700

25,500

Canada, urban centres**

14,604

12,981

162,300

142,400

Canada, singles, urban centres

6,954

5,380

62,700

57,700

Canada, multiples, urban centres

7,650

7,601

99,600

84,700

 

 

 

 

 

Atlantic region, urban centres

862

883

7,300

9,700

Quebec, urban centres

3,261

3,896

42,000

40,900

Ontario, urban centres

6,048

3,774

54,700

41,300

Prairie region, urban centres

2,901

2,387

31,900

26,500

British Columbia, urban centres

1,532

2,041

26,400

24,000

Source: CMHC
*Seasonally adjusted annual rates
**Urban centres with a population of 10,000 and over.
     Detailed data available upon request.

 

 

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