Canada's home building steams ahead

Home construction rose more than expected in September, led by multiple-units activity, according to Canada Mortgage and Housing Corp.

CMHC said Tuesday that housing starts totalled a seasonally adjusted 205,900 units during the month, following an upwardly revised 191,900 units in August.

"Housing starts picked up in September due to an increase in multiple starts in the Atlantic region, Quebec and in British Columbia," said Mathieu Laberge, CMHC's deputy chief economist.  "Multiple housing starts are expected to move back towards levels consistent with demographic fundamentals in the near term."

The seasonally adjusted annual rate of urban starts rose 8% to 185,900 units in September.  Multiple-unit urban starts jumpbed 14.2% to 118,000 units, while urban single-unit construction fell 1.5% to 67,000 units.

Rural starts edged up to 20,000 units from 19,700 in August.

Economists had forecast......Read More

Source Photo and Text: Financial Post

Check out Canada Mortgage and Housing Corporation (CMHC) release of September Housing Starts, Preliminary Housing Start Data.

According to CMHC's data  Kelowna was 1 of 14  Canadian centres showing less September housing starts compared to same month last year: down -21%; -11% for single-detached and -47% for all others.  Year-to-date (January to September 2011) Kelowna housing starts have lessened by -7% compared to 2010 ytd.

(Source of data tables: CMHC)