The seasonally adjusted annual rate of housing starts was 219,500 units in October, down 22.0 per cent from 281,300 units in September, according to Canada Mortgage and Housing Corporation (CMHC).
“The decline in housing starts in October reflects the exceptional strength in new construction in September rather than weakness in October,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Much of the decline in October can be attributed to the fall in multiple starts. We continue to expect that residential construction activity will remain strong throughout next year, with the trend decreasing gradually between now and the end of 2008.”
The seasonally adjusted annual rate of urban starts decreased 24.9 per cent to 183,600 in October, compared to September. Urban singles were down 6.0 per cent to 84,900 units in October, while multiple starts decreased 36.0 per cent to 98,700 units.
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