Canadian Residential Construction Up, Except in Toronto

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Wednesday, October 12th, 2016
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The pace of Canadian residential construction starts picked up nationally in September despite a decline in Ontario.

Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of starts was 220,617 in September, up from 184,201 units in August.

CMHC says construction of urban multiple-unit dwellings such as townhouses, condominiums and apartments were the main reason for the increase in most regions, particularly Quebec.

Toronto was an exception, with the seasonally adjusted rate dropping to 30,232 units from 40,406 units in August — mainly as a result of fewer apartment starts.

Canada’s most populous city helped pull down Ontario’s overall activity to 67,426 housing starts in September, from 70,262 units in August, although several smaller cities across the province also recorded declines from one month to the next.

Quebec saw the largest gain in housing starts last month, due to the development of new rental apartments for seniors. There were also increases in British Columbia, the Prairies and Atlantic Canada.

 

Source: 680 news
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