Housing Starts Continue Retreat

Housing starts are trending lower, units at 264,264 in October, down from 270,661 units in September, says the Canada Mortgage and Housing Corporation (CMHC). "The six-month trend in housing starts declined from September to October, as the retreat in total starts from their earlier 2021 levels continued," says Bob Dugan, chief economist at CMHC. "For seasonally adjusted annual rate (SAAR) housing starts in Canada's urban areas, a slight increase in single-detached starts didn't offset a larger decrease in multi-family starts in October and led to a decline in overall starts for the month.” However, housing starts activity remains high in historical terms.