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October housing starts show gains
By Robert Carry
The number of new home builds kicked off nationwide during October increased by 5.4%, indicating that the property market's recovery may be gathering pace.
According to Canada Mortgage and Housing Corp, with seasonal adjustments some 157,300 units were started last month, up from 149,300 in September.
According to the Vancouver Sun, economists had expected housing starts to increase by between 155,000 and 158,800 units during the month.
"The improvement in housing starts in October is attributable to improvement in the multiple starts segment," said Bob Dugan, CMHC's chief economist. "Despite a small decline in single home starts in October, the level of single home starts remains at its second highest level since October 2008."
Housing starts in urban areas increased by 5.2 % while multiple-unit construction jumped 13.8%. Rural starts increased to 17,400 units in October, up from 16,300 the previous month. Urban single-unit starts meanwhile declined by 2.7%.
The annual rate of urban starts increased by 15% in British Columbia, 14.8% in Ontario, 6.5% in the Prairies, 1.2% in the Atlantic region and declined by 11.6% in Quebec.
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