Housing Starts in Canada Rise by 8% in September

In a recent report, the Canada Mortgage and Housing Corp. reveals that housing starts in Canada experienced an eight percent increase in September compared to the previous month. Read more about the rising trend in Canadian housing market.

In a recent report, the Canada Mortgage and Housing Corp. (CMHC) has stated that the annual pace of housing starts in September experienced a notable increase of 8% compared to the previous month of August. The data provided by the housing agency reveals that the monthly seasonally adjusted annual rate of housing starts in September reached 270,466 units, up from 250,383 in August.

Housing Starts in Canada Rise by 8% in September | ogusyis

The rise in housing starts was mainly driven by the increase in urban areas, where the annual pace surged by nine percent to 250,766 units in September. Among the urban areas, the rate of multi-unit starts saw the most significant growth, with a notable gain of 10 percent to reach 207,689 units. Additionally, the rate of single-detached urban starts also displayed a positive trend, increasing by three percent to hit 43,077 units in September. On the other hand, the annual rate of rural starts was estimated at 19,700 units.

To provide a deeper understanding of the overall trend, the CMHC also evaluated the six-month moving average of the monthly seasonally adjusted annual rate of housing starts in September. The report reveals that the average stood at 254,006 units, reflecting a 3.9 percent increase from the previous month's figure of 244,511 units.

The CMHC's report signaling a significant rise in housing starts in September suggests that the Canadian housing sector remains robust despite the challenges posed by the ongoing pandemic. The increased pace of construction activities indicates a growing demand for housing in urban areas, particularly in the multi-unit segment. This expansion in the housing market is expected to have positive implications for the overall economy, contributing to job creation and consumption.

In conclusion, the Canada Mortgage and Housing Corp. has reported an eight percent increase in the annual pace of housing starts for September when compared to the previous month of August. The rise was primarily driven by the growth in urban areas, with multi-unit starts leading the way. The housing market's resilience amid the pandemic demonstrates the continued demand for housing and hints at a positive trajectory for Canada's economy.