OTTAWA, November 8, 2012 Housing starts in Canada were trending at 218,392 units annually in October, according to Canada Mortgage and Housing Company. The stand alone monthly SAAR was 204,107 units in October, down from 223,995 in September.
"The monthly drop off in total housing starts posted in October was mostly due to a drop off in both single and multiple starts in urban centers in Quebec and the Prairies. Multiple starts also declined in several urban centres in Ontario, more than offsetting a rise in such starts in Toronto," said Mathieu Laberge, Deputy Chief Economist at CMHC.
CMHC uses the trend measure as a complement to the monthly SAAR of housing starts to account for considerable swings in monthly guesses and get a more complete image of the state of the home market. In some situations, analyzing only SAAR data can be questionable as they are mostly driven by the multiples wedge of the markets which can often be quite variable from one month to the following.
The seasonally changed yearly rate of urban starts decreased by 10.1 % to 182,134 units in October. Urban singles starts reduced by 7.6 % in October to 62,402 units, while multiple urban starts reduced by 11.4 per cent to 119,732 units.
October's seasonally changed annual rate of urban starts decreased in all regions in October, declining by 1.5 per cent in English Columbia, 6.4 percent in Ontario, 12.3 percent in the Prairies, 16.8 % in Atlantic Canada and 16.9 % in Quebec.
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