September shows record high annual pace of housing starts since last November

According to Canada Mortgage and Housing Corp. (CMHC), the annual pace of housing starts in September reached its highest level since last November.

CMHC report says the seasonally adjusted annual rate of housing starts last month was 299,589 units, which is 11% higher than 270,397 starts seen in August.

The gain came amid the annual pace of urban starts increase by 12% to 276,142.

The number of multi-unit urban starts were up by 16% to 216,549. Meanwhile, the pace of single-detached urban starts remained unchanged at 59,593 units.

The report shows that rural starts are estimated at a seasonally adjusted annual rate of 23,447.

The six-month average amount of the monthly seasonally adjusted annual housing starts went up by 3% from August to 276,682 in September.