Canada housing starts up in October on more detached units: CMHC

Apartment development in downtown Charlottetown

OTTAWA (Reuters) – Canadian housing starts rose 3% in October compared with the previous month as an increase in detached urban starts outweighed a small decrease in multiple urban starts, data from the national housing agency showed on Tuesday.

The seasonally adjusted annualized rate of housing starts rose to 214,875 units from a revised 208,715 units in September, the Canadian Mortgage and Housing Corporation (CMHC) said. Economists had expected starts to rise to 222,000.

Single-detached urban starts were up 14.3%, while multiple urban starts fell 0.2%.

(Reporting by Julie Gordon in Ottawa; Editing by Andrew Heavens)

More from our Sister Sites