Housing Starts Invert From September's High

The standalone monthly seasonally adjusted annual rate (SAAR) of total housing starts for all areas in Canada declined 11 per cent in October (267,055 units) compared to September's high (298,811 units), says the Canada Mortgage and Housing Corporation (CMHC). The SAAR of total urban starts also declined, down 11 per cent to 245,234 units in October. Multi-unit urban starts decreased 13 per cent to 188,189 units, while single-detached urban starts fell four per cent to 57,045 units. Rural starts were estimated at a seasonally adjusted annual rate of 21,821 units. The trend in housing starts was up 0.5 per cent in October over September; this trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.