The Ontario preliminary Seasonally Adjusted Annual Rate of home starts across urban centres moved higher in October. An estimated 70,500 residential housing units got started in the latest month, up from 63,100 units in September.
Single detached home construction moved lower while multi-family home construction, which includes semi-detached homes, town homes and apartments edged higher. For the year ending
October, new home construction in Ontario urban areas is running 17 per cent above levels this time last year.
“Ontario residential construction activity showed surprising strength into October and continues to exceed demographic demand”, said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist. “The trend setting single detached housing sector moderated suggesting a weakening trend in construction activity. Uncertainty in global financial markets, slower job growth and more choice in resale markets should temper the pace of construction activity in the months ahead,” added Tsiakopoulos.
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