OTTAWA – The pace of new residential construction in Canada slowed down in October after a red-hot September, but the decline in housing starts wasn’t enough to change the upward trend over the past six months.
Canada Mortgage and Housing Corp. says last month’s seasonally adjusted rate of housing starts was 198,065 units, down from 231,304 in September — primarily because of fewer of multiple-unit project starts in urban areas.
The urban multi-unit starts accounted for 122,187 units nationally in October, down 22 per cent from the previous month.
CMHC says the decline in urban starts was seen in most regions of Canada, with British Columbia being the exception.
The overall number of single-detached starts was up from September, but accounted for only 59,255 of the total.
CMHC says the six-month trend in October continued to rise, going to 206,089 from 202,793 in September.