Canadian Housing Starts Drop 11% in October | Wood Floor Business

Canadian Housing Starts Drop 11% in October

Canadian housing starts declined 11% in October to a seasonally adjusted annual rate of 267,055, according to Canada Mortgage and Housing Corporation.

Total urban starts declined 11%, while multi-unit urban starts and single-detached urban starts declined 13% and 4%, respectively.

Montreal was the only market to post an increase, which was driven by a 19% jump in multi-unit activity in the area. Toronto and Vancouver recorded declines of 47% and 19%, respectively. “Despite this, Housing starts activity remains elevated in Canada in 2022,” CMHC Chief Economist Bob Dugan said in a statement.

The full CMHC report can be found here.

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