October housing starts trended up
November 11, 2013 By Canadian Garden Centre & Nursery
Nov. 11, 2013, Ottawa — Housing starts trended up in October, following the trend the Canada Mortgage and Housing Corporation forecast for the end of the year.
Housing starts were trending at 195,338 units in October, compared to 191,557 units in September. The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
"The trend in total housing starts has gained momentum since July, which is in line with expectations that new construction would strengthen over the second half of 2013," said Mathieu Laberge, deputy chief economist at CMHC.
"Gains since July have been broad-based, reflecting increased activity in large and small urban centres, particularly in Ontario and, to some extent, in British Columbia. Housing starts remain on target with our projected total for 2013, which is expected to range between 179,300 and 190,600 units."
The standalone monthly SAAR was 198,282 units in October, an increase from 195,929 in September.
In October, the seasonally adjusted annual rate of urban starts increased in Ontario while decreasing in British Columbia, Atlantic Canada, the Prairies, and Quebec.
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