Canada’s pace of homebuilding picked up in September, CMHC says

Canada Mortgage and Housing Corp. says the annual pace of housing starts in September was up five per cent compared with August.

The national housing agency says the seasonally adjusted annual rate of housing starts was 223,808 units in September, up from 213,012 in August.

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The increase came as the pace of starts in urban centres rose six per cent to 210,002 units in September compared with 199,035 in August.

The rate of starts for urban multi-unit projects such as apartments, condominiums and townhouses increased six per cent to 163,400 units, while the pace of starts of urban single-detached homes rose five per cent to 46,602.

The annual rate of rural starts was estimated at 13,806 units for September.

CMHC says the six-month moving average of the seasonally adjusted annual rate of housing starts was 243,759 units in September, down from 246,972 in August.