The annual pace of housing starts was up by 8% in September compared with the previous month, according to the national housing agency.

Canada Mortgage and Housing Corporation (CMHC) said on Wednesday that September saw a seasonally adjusted annual rate of 270,466 units in September, a jump from 250,383 the previous month that was driven mainly by a quicker pace of urban housing starts.

Those starts were up 9% on a month-over-month basis, according to CMHC, while the annual pace of multi-unit urban starts accelerated by 10% to 207,689 units.

The rate of single-detached urban starts increased slightly, rising by 3% to 43,077 units last month, while the annual rate of rural starts came in at 19,700 units.

Stronger homebuilding activity last month came as a welcome change from August, when the trend in housing starts came in largely flat – rising only 0.8% on a monthly basis.

Source CMP
By Fergal McAlinden