Canada annual housing starts jump 8%: CMHC [Video]

OTTAWA –

Canada Mortgage and Housing Corp. says the annual pace of housing starts in October rose eight per cent compared with September.

The national housing agency said the seasonally adjusted annual rate of housing starts was 240,761 units in October, up from 223,391 in September.

The increase came as the annual pace of urban housing starts rose six per cent to 223,111 units.

The annual pace of multi-unit urban starts such as apartments, condominiums and townhouses gained seven per cent at 175,705, while the rate of single-detached urban starts increased one per cent at 47,406 units.

The annual pace of rural starts was estimated at 17,650.

CMHC chief economist Bob Dugan said the Prairies, Quebec and Atlantic provinces have seen higher activity this year, while Ontario and B.C. recorded declines.

“Despite these results, we remain well below what is required to restore affordability in Canada’s urban centres,” Dugan said in a …