Jamie Sturgeon, Financial Post
Housing construction in September moved unexpectedly higher, to an annualized rate of 217,600 new units, Canada Mortgage and Housing Corp. said Wednesday.
“Housing starts remained at a high level in September, with construction activity again staying above the 200,000 unit threshold,” said Bob Dugan, chief economist at CMHC.
Higher starts of multiple-family dwellings such as condominiums and townhouses were behind the rise in new home construction activity, Mr. Dugan said.
Economists had forecast an annualized rate 205,000 for the month. In general, construction rose 2.8% month-over-month across the country, representing the second rise in a row after a dramatic decline in July, which saw starts fall to 186,500.
By province, British Columbia saw the most activity, with 33,600 new starts. Construction on new homes moved markedly higher in the Prairie provinces of Saskatchewan and Manitoba as well. Atlantic Canada also witnessed a rise.
In contrast, Ontario, grappling with worsening economic conditions especially across its urban manufacturing centres, saw construction on new homes fall broadly in the month. New starts in the country’s most populous province decreased 6.6% to 80,900, the CMHC said.
Housing construction was higher on multi-family dwellings in all provinces in September with the exception of Ontario, which saw a decrease of 1.9%, the CMHC said.
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