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Housing starts trend up in September

By Brad Perry Oct 19, 2023 | 12:38 PM

Canada’s annual pace of housing starts rose eight per cent in September compared with August.

That is according to new figures released this week by the Canada Mortgage and Housing Corporation.

September’s seasonally adjusted annual rate of housing starts was 270,466 units, up from 250,383 units in August.

Urban housing starts accounted for 250,766 units, up nine per cent from the month before.

Multi-unit urban starts increased 10 per cent to 207,689 units, while single-detached urban starts increased three per cent to 43,077 units.

“It seems the current higher interest rate environment has not yet had the expected negative impact on multi-unit construction activity so far in 2023,” Bob Dugan, CMHC’s chief economist, said in a news release.

The annual rate of rural housing was estimated to be 19,700 units, according to CMHC.