Housing starts dip in October
CBC News
Posted: Nov 8, 2011 11:14 AM ET
Last Updated: Nov 8, 2011 11:11 AM ET
A drop in starts of single detached homes in urban areas drove the slip in national starts in October, Central Mortgage and Housing Corp said. , CBCThe annualized rate of housing starts in October slipped slightly from September, Canada Mortgage and Housing Corp. said Tuesday.
The seasonally adjusted national rate was 207,600 units in October, down from 208,800 units in September.
“Overall housing starts are expected to moderate in line with demographic fundamentals,” Mathieu Laberge, deputy chief economist at CMHC’s Market Analysis Centre, said in a news release.
A 6,000-unit drop in single detached starts in urban areas caused the fall, Laberge said. Urban starts account for about 90 per cent of all starts.
The drop was partly offset by a 2,700-unit gain in rural units and 2,100-unit gain in urban multiple units.
Quebec faced the biggest drop, with annualized urban starts falling by more than 15,000 units. The Atlantic region fell 5,700. The Prairie region rose by more than 9,000 units, Ontario was up more than 7,000 and B.C. added 400.
Seasonally adjusted figures remove normal seasonal variations, and then are multiplied by 12 to produce an annual figure.
Actual starts nationwide rose to 18,360 in October from 15,759 in October 2010.
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