The
data, provided by the Canada Mortgage and Housing Corp. (CMHC) on Tuesday,
showed that the seasonally adjusted annual rate of housing starts stood at 236,554
units in October, down 5.3 percent from a downwardly revised 249,922 units in September
(originally 251,151 units). This represented the lowest number since December
2020.
Economists
had forecast an annual pace of 255,000 for October.
According
to the report, urban starts declined 3.7 percent m-o-m last month to 214,797 units,
reflecting a 5.3 percent m-o-m plunge in multiple urban starts to 156,781 units,
which was partially offset by a 1.0 percent m-o-m gain in single-detached urban
starts to 58,016.
At the same time, rural starts were calculated at
a seasonally adjusted annual rate of 21,757 units