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.
Read Next
