8 October 2019

“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.