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CMHC reports annual pace of housing starts fell by 2.5 per cent in September

The Canadian Press
CMHC reports annual pace of housing starts fell by 2.5 per cent in September

OTTAWA — Canada Mortgage and Housing Corp. (CMHC) says the pace of housing starts in September slowed compared with August.

The agency says the seasonally adjusted annual rate fell 2.5 per cent to 221,202 units in September compared with 226,871 in August.

Economists on average had expected an annual pace of 214,500 for September, according to financial markets data firm Refinitiv.

The decrease came as the pace of urban starts fell 2.4 per cent to 208,503 units. Multiple-unit urban starts dipped 0.2 per cent to 159,742, while starts of single-detached urban homes fell 9.2 per cent to 48,761 units.

Rural starts were estimated at a seasonally adjusted annual rate of 12,699 units.

The six-month moving average of the monthly seasonally adjusted annual rates of housing starts was 223,507 in September, up from 218,782 in August.

 

© 2019 The Canadian Press

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