The Ontario preliminary Seasonally Adjusted Annual Rate (SAAR) of home starts across urban centres inched lower in September according to the Canadian Mortgage and Housing Corporation (CMHC). An estimated 63,000 residential housing units got started in the latest month, down from a revised 65,300 units in July.
“Ontario residential construction activity has moderated for a second consecutive month. 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,” said Ted Tsiakopoulos, CMHC`s Ontario Regional Economist.
Single detached home construction remained steady while multi-family home construction, which includes semi-detached homes, townhomes and apartments edged lower. More major urban areas posted increases versus declines from the same month one year ago. For the year ending September, new home construction in Ontario urban areas is running 13 per cent above levels this time last year.
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