“The rise in housing starts in October reflects a rebound in the volatile multiple starts segment, which registered a two-year low in September,” said Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre. “Single starts, the bellwether component of the new home market, fell to their second lowest level of the year.”
“Despite the increase in October, the pace of housing starts has been slower since August compared to the first half of 2006. This is consistent with our view that residential construction will decrease gradually between now and the end of 2007.”
For the first ten months of 2006, total actual starts in all urban and rural areas across Canada increased 1.6 per cent compared to a year ago. Looking only at urban areas, the year-to-date increase in housing starts was slightly lower at 1.3 per cent. Both year-to-date actual urban single starts and actual urban multiple starts rose compared to the same period in 2005, by 1.6 per cent and 1.1 per cent, respectively.
Toronto real estate. OCTOBER MARKET UPDATE
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