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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

8 October 2019

Housing starts slowed down last month, although the demand remains high

According to Canada Mortgage and Housing Corp. (CMHC), last month, the pace of housing starts was slower than in August.

The seasonally adjusted annual rate was down by 2.5% and reached 221,202 units in September, while it was 226,871 during the previous month.

At the same time, Refinitiv says economists predicted an average of 214,500.

"It keeps showing a strong demographic demand from international and domestic buyers”, - noted Robert Kavcic, a senior economist at Bank of Montreal.

"We can see strong homebuilding activity in most parts of Canada”.

The pace of urban starts went down by 2.4% to 208,503 units, and multiple-unit urban starts fell by 0.2% to 159,742. Meanwhile, in case of single-detached urban houses the number was down by 9.2% and stopped at 48,761 units. Rural starts showed a seasonally adjusted annual rate of 12,699 units.

The report comes amid the release of industry results showing that home sales were higher in September than in 2018 or at the beginning of this year.

In addition to it, the Canadian Real Estate Association increased its 2019 sales forecast for existing propertied to 482,000 units, which is 5% higher than a year ago.

"Canada's real estate sector is recovering, as resales are growing and homebuilding activity keeps showing strong momentum," - Josh Nye, a senior economist at Royal Bank, says.

Moreover, Statistics Canada noted that the value of all building permits issued by Canadian municipalities went up by 6.1% in August and almost reached $9 billion.



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